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PHOENIX-Three weeks after buying the 95-unit Cascades apartment complex, Phoenix-based development and investment company Aspen Enterprises LLC has sold the property for $6.95 million, picking up $825,000 in quick profit on the deal.

Steven Nicoluzakis, with Insignia/ESG in Phoenix tells GlobeSt.com that the property wasn’t formally on the market when buyer J.R.D. Management Inc. of New York made the purchase offer. “The group came into town and liked the property so they made an offer,” says Nicoluzakis, who with co-broker David Fogler, represented Aspen Enterprises when it initially bought the property and again three weeks later when it was sold.

Nicoluzakis says Aspen Enterprises was planning to renovate the building and eventually resell it but the buyer’s offer changed those plans. Now, it’s the plan of the new owner.

The four-story complex, built in 1966, is located on the northwest corner of 36th Street and Campbell Avenue. Buyer J.R.D. Management picked up the building for investment purposes because it complements the firm’s current Phoenix holdings, which includes Arcadia Villa, a similar complex located nearby, Nicoluzakis says. “It was a good fit with what they currently own,” he emphasizes.

Aspen Enterprises bought the property, which features luxury apartments, underground parking, a pool and spectacular views of both Camelback Mountain and downtown Phoenix, in August at a cost of $64,474 per unit. Three weeks later, the firm realized $73,158 per unit. The building is fully rented.

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