X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-A California investor has taken the keys to a vintage apartment complex adjacent to the city’s North Mountain Preserve that boasts city light views, nearby hiking trails and full tenant occupancy.

Nick Gardner of Santa Monica, CA, acquired the 32-unit property known as Central Mountain Villas with a $1.8-million offer to seller John and Floarea Scorte of Scottsdale, AZ. The deal marked Gardner’s first Arizona purchase.

Brett Polachek with CB Richard Ellis’ Phoenix office, tells GlobeSt.com that the complex, located at 9836 through 10008 N. Central Ave., wasn’t on the market when Gardner made his offer. “We were talking with the seller and just brought the buyer in,” Polachek says of the deal.

Built in 1964, the two-story garden-style complex, which total approximately 32,500 sf, is comprised of 21 large two-bedroom, two-bath and 11 three-bedroom, two-bath individually-metered units that rent for between $650 to $750 per month. The property, nestled up against North Mountain Preserve, features covered parking, a swimming pool and city light views of downtown Phoenix along with access to the mountain preserves many hiking trails.

Polachek says the property appealed to the new owner because of its prime location, well maintained appearance and its potential for producing a good return on his investment.. “It’s a stabilized property that was operating very well,” adds the broker.

He adds that the sellers plan to purchase another investment property with the proceeds from the sale. Polachek–along with Todd Braun, also with CB Richard Ellis’ Phoenix office–represented both the seller and the buyer in the transaction.

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. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

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.