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PHOENIX – A park-like setting and an adjacent golf course caught the interest of at least six investors but it was a $3.6 million offer by Palos Verdes Park LLC that won the California investment group ownership of a namesake property–the 68-unit apartment complex known as Palos Verdes Fairways.

Comprised of 14 two-story buildings with mansard roofs, the 1969-vintage Class B property, with a mix of one-, two- and three-bedroom units that rent for between $520 and $750 per month, is set adjacent to the Palos Verde Golf Course near 15th Avenue and Maryland Street in Phoenix.

“The layout of the grounds and the park-like setting really appealed to them,” Scott Barrie with Advanced Equities Investment Real Estate Services, Inc. tells GlobeSt.com of one motivation behind the seller’s offer.

The favorable numbers also helped. Barrie said the 6525 N 15th Ave. property’s occupancy rate of 92% coupled with the complex’s history of outpacing the city’s overall vacancy rate offered the buyers a positive spin on its investment.

At least six other prospective buyers saw that too when they made offers on the development, but it was the California group’s financial strength that led seller Palos Verde Fairways Apartments LLC, of North Scottsdale to turn over title for less than 4% below its original $3.730 million asking price.

“They came out of an exchange just raring to go,” said Barrie of the buyer, from Palos Verdes Estates in California. “They were in an exchange, had the financials to back it up and the sellers felt comfortable going with them.”

Barrie along with Joseph Yu, also with Advanced Equities Investment Real Estate Services Inc., handled the transaction on behalf of both the buyer and the seller.


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