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PHOENIX-A California buyer looking for a small apartment complex found a deal in the Bethany Palms apartments when he convinced a hesitant owner to sell the vintage, 22-unit property for slightly more than $1.1 million.

Joel McCloud, of Torrance, CA, wasn’t thinking about selling the 1142 E Bethany Home Rd. apartments in Phoenix until first-time Phoenix buyer David Alder, of Orange, CA, made an offer. Marcus & Millichap broker C. Daniel Dulin tells the deal began when he called McCloud, who he had worked with on previous deals, to ask if he had any properties available for sale. McCloud was initially hesitant, Dulin said, but offered to negotiate the sale of one of his smaller holdings.

For Alder, the property couldn’t have been a better deal. For his money, the California investor got a complex that was 80% occupied and a repositioning opportunity of a property developed in 1958.

“It was a fantastic value-added opportunity for the buyer,” Dulin said, noting that other properties in the same neighborhood were trading at premium prices. Dulin said Alder plans to improve the curb appeal and renovate the interiors before increasing the $600 to $635 monthly rent that tenants pay for the two-bedroom, two-bath units.

Dulin represented the buyer in the transaction. The seller was self-represented.

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