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PHOENIX-In a deal too good to pass up, a Denver investor has put down more than $6.1 million in cash to buy an 186-unit apartment complex in North Phoenix that could turn a handsome profit on resale.

The Palm Aire apartments at 6241 N. 27th Ave. sold to investor Cal Zeff for $33,000 a unit, about $10,000 per unit less than its expected resale price, Insignia/ESG managing director Brad Goff tells GlobeSt.com.

“The property was in great shape and it sold for a great price,” Goff says. “The price per pound was there. I think it will sell in the $40,000s per unit to the next investor.”

Former owner Palm Aire Apartments Associates LLC, a group formed by California investors Walter Logan and Steve Buckley, did a complete renovation on the vintage 1982 complex prior to sale, painting and gating the exterior, renovating the leasing office and upgrading interiors in the one and two bedroom units.

Goff, who represented the seller in the transaction, said the units, which rent for an average of $545 per month, well below the area’s average rental price of $691 per unit, made it an attractive buy.

The Palm Aire apartments is the second holding in Phoenix for Zeff, who also owns multifamily complexes in Denver. In 1997, he purchased the 220-unit Candelero apartments at 4141 N. 55th Ave.

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