Chance Encounter Leads to $4.1M Sale

PHOENIX-A chance encounter at an investment seminar led to a $4.1-million sale of a Phoenix apartment complex for broker Ric Holloway, with Marcus & Millichap Real Estate Investment Brokerage Co.

Cliff David, with Marcus & Millichap’s Phoenix office, tells GlobeSt.com that the meeting led to a business relationship between Holway and buyer Brent Nelson of Hollywood, CA which culminated in the sale of the Maryland Villas. David said the deal was Nelson’s first venture into the Phoenix real estate market.

Located at 6333 N. 12th St. in Phoenix, the 104-unit property was formerly owned by the Braeside Group of Chicago, David said. It features 38 one-bedroom and 66 two-bedroom apartments set around a pool.

The $4.1 million deal was financed at a 7.32% interest rate through AMI Capital. Holway represented buyer and seller.