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PHOENIX-A 19-unit apartment property in the prime Camelback Corridor area sparked a bidding war that netted full price for the seller and gave the buyer a property with the potential for future condominium conversion.

Karl Abert with Marcus & Millichap’s Phoenix office tells GlobeSt.com that the property, known as “The Oasis,” drew multiple offers from interested buyers but it was a bid of nearly $1.1 million bid by Craig O’Rourke of Hermosa Beach, CA that finally closed the deal on the two-story, garden-style complex. “There’s just a tremendous amount of demand in the multi-family market right now,” Abert says of the flurry of interest in the 4514 N. 20th St. property. “Some people can ask their price and get it.” Seller Harris Equity LLC of Venice, CA was one of them.

Abert said the complex’s prime location on an acre at the intersection of 20th Street and Camelback Road, its solid construction and historically high occupancy rate, which stood at just one vacancy at the close of escrow, brought several bidders to the table during the Oasis’ 30 days on the market. None, however, offered the seller a better deal than O’Rourke, a 1031 Exchange buyer.

The new owner will have some minor swimming pool and parking repairs to deal with, Abert says, but the property’s potential could make it all worthwhile. “The buyer was looking at the future development potential of the site,” he notes, adding that the new owner may be considering razing the complex and building condominium units on its acre sometime in the future.

The Oasis deal was put together by Abert, who represented the buyer, and Pete Te Kampe, also with Marcus & Millichap’s Phoenix office, who handled the transaction for the seller.

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