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CASA GRANDE, AZ-As part of the Tucson-based Net West bankruptcy proceedings, all of its properties including the Casa De Topaz apartments in Casa Grande, AZ are being sold. The 140-unit complex at 1564 North Morrison Ave. has brought $5.8 million from the Los Angeles-based Momar Properties.

Net West specializes in the development and management of senior living facilities. Broker Bernie Bajoras of the Phoenix office of Marcus & Millichap tells GlobeSt.com that Casa De Topaz is one of Net West’s few non-senior living holdings. Bajoras and Richard Butler, also a Marcus & Millichap broker, represented the seller.

Bajoras says the selling process was quite short with roughly five offers surfacing. Still, it took awhile before the deal closed because the loan included a HUD assumption. The property was set to close in October 2001, but paperwork complications for the assumption delayed the process, says Bajoras.

Momar Properties was represented by Mike Hubl, also of the Phoenix office of Marcus & Millichap. Hubl says the building is in pristine condition and does not require any renovations.

Momar also owns several other multifamily properties in the Casa Grande market, which is about 40 miles south of Phoenix. Casa De Topaz, as with the others, is a long-term hold for the buyer.

The 91%-occupied, six-year-old complex has 87 two bedroom-two bath units in an 810-sf design. The monthly rent is $530 per unit. There also are 53 three bedroom-two bath units, each 989 sf and renting for $595 per month.

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