PHOENIX-A Scottsdale investor has disposed of its final asset in the area through the sale of the 104-unit Pinchot Towers for nearly $5.39 million, above the $5.29-million ask.
According to Baron Bruno of Hendricks & Partners' Phoenix office, the seller, Core Builders, Inc. is retiring from real estate investment. "They'd owned several properties in the Valley, but they're ready to get out and it seemed like a good time to do it," says Bruno, who represented the seller.
Meanwhile, the buyer, Pluto Properties LLC of San Francisco, makes its first entry into the market through acquisition of the complex, located at 3211 East Pinchot Ave. "The buyer was in an exchange following a property sale in Glendale, CA," Bruno tells GlobeSt.com. "He had stringent requirements for ownership, and he found this place and liked it."
Bruno adds that the buyer, represented by Jennifer Bertolet of David N. Schultz Inc. in Glendale, CA, had been looking for the ideal property and "when he found this one, he moved pretty quickly to leapfrog other buyers." Also appealing to the buyer was potential cash flow from the 1,200-sf Aztec Room, which is rented out for parties and other events.
Situated on 1.9 acres and built in 1972, Pinchot Towers offers all one-bedroom units at 564 sf, at an average rent of $576 per month. The complex was 93% occupied at time of closing.
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