X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PRESCOTT, AZ-A 72-unit apartment complex with breathtaking lake and mountain views in Prescott has been sold to a group of Scottsdale investors in a 1031 Exchange that also bought the new owners a home in Paradise Valley.

Chuck LaBenz, with Hendricks & Partners, tells GlobeSt.com that seller Willow Creek Apartments LLC of Phoenix had several offers on the Lakeview apartments, but Prescott Lakeview Apartments LLC of Scottsdale came the closest to the $2.4-million asking price. “We had a lot of offers,” said LaBenz, “but my seller knew what he wanted and at what price and we hit it with a good buyer.”

For the money, the Scottsdale group got a property at 3161 Willow Creek Rd. that was 99% occupied and a cap rate on collections of 9%. The group also picked up a home in Paradise Valley as part of the same exchange, LaBenz said.

Built in 1988, the three-building apartment complex features a mix of one- and two-bedroom units with rents ranging from $575 to $685 per month. Located in the Granite Dells area of Prescott, the property overlooks Willow Lake and has spectacular views of Mingus and Granite mountains and the San Francisco peaks, LaBenz said.

The transaction was negotiated for the seller by LaBenz, John Kobierowski and Greg Thielen, all with Hendricks & Partners in Phoenix. Brent Smith with West USA of Phoenix represented the buyer.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.