Buyers Bela and Lilebeth Bobis of Scottsdale, AZ beat three other offers for the property at 1623 W. Missouri Ave. because they were local and flush with funds through a 1031 exchange. "They were a known entity in the market and could get through the escrow period quickly," says Brian Smuckler of Marcus & Millichap Real Estate Investment Brokerage Co. in Phoenix, who represented buyer and seller, Christopher and Connie Burger of Bakersfield, CA.
Smuckler tells GlobeSt.com that the transaction disposes of the seller's last asset in the metro. "They'll probably concentrate on something out of state," he says.
Smuckler says the buyer got the exchange funds from a local sale in late 2005. The Missouri Avenue replacement property was listed for $1.67 million.
He adds that the complex's new owner most likely will make some cosmetic improvements to the 43-year-old complex, situated on 1.1 acres. With one vacancy at sale time, Missouri Crest contains one-, two-and three-bedroom units, measuring 625 sf to 1200 sf. Its monthly rents range from $475 to $675.
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