"We were on the market for a very short time with this, less than four weeks," explains selling broker Cindy Cooke, senior vice president with Colliers International's Phoenix office. "We had 28 offers on it."
Cooke tells GlobeSt.com the bidders ranged from family trusts, to sponsors with equity. Ultimately, the San Jose-based Northwind Properties won out because of a high down payment on the asset at 8902 N. 19th Ave. and "how quickly they were willing to remove contingency and go non-refundable with the deposit," notes Cooke, who worked with Colliers Phoenix office vice president Brad Cooke on the transaction. She goes on to say that the property was seller-financed with a $10 million loan.
Morgan Park is 90% occupied. Situated on 12 acres, the asset offers one-, two- and three-bedroom units ranging from 465 square feet to 911 square feet. The property underwent an extensive $3.2 million renovation in 2006 and 2007.
Atherton-Newport Investments of Irvine, CA bought the 1987-built property in June 2006 for $28.8 million, as part of its plan to acquire 2,000 to 3,000 units in the Greater Phoenix market. However, a little more than two years later, Atherton-Newport found itself in Chapter 11 bankruptcy, and arranged to sell its interest in Morgan Park and 14 other assets located in Washington State, Nevada, Florida and California to Guardian Management.
Also in the collection was another Phoenix property, Autumn Ridge. Cooke says she and Brad Cooke are in the best-and-final process for Autumn Ridge, and that it has attracted a lot of interest.
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