Miroslav Stoyanov of Phoenix had to push $188,000 above the ask to win the 34-year-old complex at 1801 W. Tuckey Lane. Brian Smuckler of Marcus & Millichap Real Estate Investment Brokerage Co.'s Phoenix office says the offering generated seven offers in seven days.
"These were large townhouse units and a lot of interest came from condo converters and private capital apartment buyers as well," says Smuckler, who represented the seller, Walter and Charlotte Berkman from Pacific Palisades, CA, The buyer ultimately came in with the best offer. "He came in with a large price. He's in the market and a local buyer," he tells GlobeSt.com.
The buyer, represented by Ryan Ash of Marcus & Millichap's Phoenix office, will convert the complex into condominiums. "This buyer is traditionally an apartment investor and this is his first venture into condo conversion," Smuckler says. "But this is one of these great deals--it's a good solid location, close to the future light rail. He felt there was enough there for a conversion."
Built in 1972 on 1.1 acres, Tuckey Downs had one unit vacant at closing time. The all-two bedroom complex has 1,150-sf units that rent for $640 per month.
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