PHOENIX-Investors are chomping at the bit for mid-size, condo-mapped multifamily properties with turnaround potential for individual sales in the future. A local couple, offering $1.4 million, has beat 18 others vying for the 32-unit Garden Springs.

“The buyer was so aggressive to acquire the property that he waived a physical contingency and passed through money to the seller after opening escrow,” Brian Smuckler, a senior associate at Marcus & Millichap in Phoenix, tells Teodor and Liana Feher closed the deal for 6630 N. 27th Ave. with a five-year, $1.4-million loan with a 30-year amortization and 4.87% fixed-rate interest from LaSalle Bank Corp. of Chicago. Marcus & Millichap Capital Corp. of Palo Alto, CA arranged the financing.

The 1980s-built property received 19 offers during 30 days of marketing by seller, ATCO Phoenix Associates, a New York City-based investment group. The Fehers won out, coming to the closing table with $80,000 more than the seller’s asking price for a two-bedroom development primed for a condo conversion. Smuckler says the asset’s performance history indicates individual sales should be strong. Three units were vacant at closing. Smuckler and Ryan Ash, also with Marcus & Millichap, brokered the sale.

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