"The seller got his terms--carry-back financing at 7%interest--and the buyer got his price," Ryan Ash, an investmentassociate with Marcus & Millichap in Phoenix, tellsGlobeSt.com. Two months of marketing generated six offers on the29-year-old complex at 225 S. Stapley Dr.
The buyer, Aldaberto Contrares, purchased the property below thelisting price after agreeing to the seller's carry-back financingat 80% of the purchase price, Ash says. Escrow lasted threeweeks.
Spanish Palms is a mix of one studio apartment, 21 one-bedroomunits and six two-bedroom units in single- and two-story buildings.Rent averages $550 per month.
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