Carrying a $2.9-million ask, the fully leased complex, located at 5350 N. 17th Ave., attracted several offers during its marketing. "This was one of the nicer properties in the area, with strong curb appeal and good drive-by visibility," says Brian Smuckler of Marcus & Millichap Real Estate Investment Brokerage Co.'s Phoenix office, who represented the buyer, Kevin Saunders of Los Angeles, in the one-off purchase.
"The buyer will make some cosmetic improvements to the property, increase the rent and reposition it," Smuckler tells GlobeSt.com. "He's planning a hands-on operation for this one."
Solano Park, constructed in 1987, offers a one- and two-bedroom gated mix, with apartments ranging from 550 sf to 780 sf. Units rent for $485 to $625 per month. The two-building complex sit on roughly 1.4 acres. Gloria Tirone with United Arizona Commercial in nearby Gilbert represented the seller, Michael Eilbert of Solano Park Apartments LLC from Huntington Beach, CA.
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