MESA, AZ-A Gilbert buyer has purchased the 28-unit Spanish Palms multifamily property for $1.2 million. Both buyer and seller entered escrow after negotiating a lower price and seller-financing.

“The seller got his terms–carry-back financing at 7% interest–and the buyer got his price,” Ryan Ash, an investment associate with Marcus & Millichap in Phoenix, tells Two months of marketing generated six offers on the 29-year-old complex at 225 S. Stapley Dr.

The buyer, Aldaberto Contrares, purchased the property below the listing price after agreeing to the seller’s carry-back financing at 80% of the purchase price, Ash says. Escrow lasted three weeks.

Spanish Palms is a mix of one studio apartment, 21 one-bedroom units and six two-bedroom units in single- and two-story buildings. Rent averages $550 per month.

The seller, Linh Tran of Phoenix, rehabilitated many of the units on the 1.5-acre property prior to the sale, with installation of tile in some remaining units still planned. An owner of several smaller multifamily properties in the Phoenix market, Tran’s sale of Spanish Palms is one of many as the investor dissolves his portfolio approaching retirement, says Ash, who represented the seller. Vasel Dedvukaj of Century 21 broker for the buyer.

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?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.