GLENDALE, AZ-A Southern California investor, wanting to move capital into higher-end properties, has sold the 180-unit Cantamar Apartments for less than the $25-million list price. The complex sold in an all-cash deal for $23.75 million, or $131,944 per unit, at a 4.75% cap rate.
Darrell Moffitt, senior investment associate with Marcus & Millichap Real Estate Investment Services' Phoenix office, says the seller, Norman Spieler, had owned the complex at 16630 N. 43rd Ave. since 1999 when he bought it from the developer. Moffitt, the seller's broker, tells GlobeSt.com that Cantamar's four-month marketing period from the initial offering to the closing brought four offers.
Ending up with the deal was Southern California investor Daniel Tenn. "It boiled down to certainty of closing and Tenn offered that," Moffitt says. He teamed with Michelle Watson, an investment associate for Marcus & Millichap, to sell the asset.
Built in 1997, Cantamar is what Moffitt calls a class B-plus complex in a class A location. Situated on 9.44 acres just south of Bell Road, the complex is close to Arrowhead Mall, Arizona State University, Arizona Cardinals Stadium, Thunderbird School of International Management, Thunderbird Samaritan Hospital and Glendale Arena.
The buyer will manage the complex, which was 88% occupied at sale time. Cantamar Apartments has one-, two- and three-bedroom units, measuring 758 sf to 1,268 sf. The rents go from $750 to $1,100 per month.
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