Missouri Gardens LP has sold the 1637 E. Missouri Ave. complex to a local investor, Missouri Breaks Inc. of Peoria. "The seller is in Canada and he didn't consider it the best use of his resources or time," says Todd Braun, senior director with Cushman & Wakefield of Arizona Inc. in Phoenix.
Braun, who teamed with C&W director Brett Polachek, says the buyer was selected from more than 10 offers for several reasons, including the ability to close the deal. But, Braun tells GlobeSt.com that the other contributing factor is that "he's from Arizona and wants to be a hands-on manager and to live on the property." Tom Renshaw of DPR Realty in Phoenix represented the buyer.
The new owner got a 10-year loan from World Savings' Phoenix office. The financing, representing a 59% loan to value, has an approximate fixed-rate interest of 6.5%, according to the dealmakers.
Missouri Gardens Apartments, built in 1966, was 90% occupied at closing. The complex consists of studios and one-bedroom units in 450-sf and 560-sf layouts. Monthly rents are $550 and $650.
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