Phoenix Couple's Double Buy Costs $1.6M

PHOENIX-A Phoenix couple who had been searching for more than a year for a well-priced apartment complex with upside potential found exactly what they were looking for in two Valley apartment complexes.

In separate deals that closed on the same day, Pavel and Rozalia Cret took title to 22 units at Coventry Square in Mesa and the 24-unit Majestic Palms apartment community in Phoenix, paying a total of $1.6 million for the properties. “They had been looking in the market for quite some time and were not able to find something they felt was well priced and had some upside so they decided to buy two properties that met their criteria,” Marcus & Millichap’s Brian Smuckler, who brokered the deals for the buyer, tells GlobeSt.com.

The Phoenix couple paid $750,000 to Timothy McKeon of Alameda, CA for Coventry Square at 1859 E. Broadway Rd. in Mesa. In a separate deal with Majestic Palms LLC of Phoenix, the Crets bought the Majestic Palms at 1920 N. 32nd St. with a $890,000 offer.

Smuckler also represented the McKeons in the Coventry Square transaction. Ryan Ash and Ric Holway, also with Marcus & Millichap, assisted the seller in the Majestic Palms transaction.