36-Unit Complex Sells In 30 Days, $1.4M

PHOENIX-A 36-unit apartment community has sold for its full asking price of $1.4 million just 30 days after going on the market.

Ethan L. Smith and Nancy J. Jones of Palos Verdes Estates, CA scooped up the Maryland East apartment complex with a full price offer for seller Central Mountain Villas LP of Phoenix. “We went into offer almost immediately after it hit the market,” John Kobierowski, with Hendricks & Partners in Phoenix tells GlobeSt.com. “It was exactly what they were looking for.”

Located in a predominately residential neighborhood in the north central submarket, the complex at 1125 E. Maryland and 1123 Sierra Vista Dr. is situated near the Camelback Corridor, Biltmore Fashion Park, Squaw Peak Freeway and Squaw Peak Mountain Preserve. Kobierowski said the buyers, who were in a 1031 Exchange, were particularly impressed by the stable neighborhood and the property’s undervalued price, which averaged about $38,000 per unit. Similar properties in that same neighborhood are valued at about $45,000 per unit, he said.

Kobierowski and Greg Thielen, also with the Phoenix office of Hendricks & Partners, negotiated the transaction for both buyer and seller.