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PHOENIX-A pair of vintage apartment complexes got top dollar for the seller when a San Francisco investor stepped in to take both 16-unit properties for the full $1.5-million asking price.

The Uptown and Arcadia apartments at 325 and 327 W. Pasadena Ave. in central Phoenix turned into a good deal for buyer Theresa Welborn, who picked up the 1958-built, two-story, garden-style complexes for about $10,000 per unit less than comparable properties, Brian Smuckler, with Marcus & Millichap’s Phoenix office tells GlobeSt.com. He says the price break on the neighboring complexes was a result of mismanagement that left at least eight of the 32 units vacant at the close of escrow.

“The buyer’s intent is to fill the buildings and have future appreciation,” Smuckler says of the units, located one block north of Camelback Road and about three blocks west of Central Avenue. The one- and two-bedroom units rent for $460 to $550 per month, at least $50 to $85 below current rental rates in the area, he says.

Smuckler represented the buyer in the transaction. The seller, Jo Fern Wade of Paseo Robles, CA was represented by Darrell Moffitt, also with Marcus & Millichap’s Phoenix office.

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