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PHOENIX-A California investor has purchased the 30-unit Glenwood Terrace in Central Phoenix for slightly more than $1.3 million, willing to go $20,000 above the ask to win the deal. Like many 1031 Exchange buyers from Arizona’s neighbor, the investor is taking cash from a small West Coast sale to buy a larger property in Phoenix.

“In California, that market is overheated. When they sell, they get phenomenal prices, but when they buy they feel they don’t get good deals there,” Neil Sherman, a vice president at Sperry Van Ness in Phoenix, tells GlobeSt.com.

Joe Fielding of Santa Ana, CA, took funds from a recent multifamily sale in Orange County to purchase Glenwood Terrace at 914 W. Glendale Ave. from Ruth Mayhew of Albuquerque. Marketed for 30 days, the complex received about 15 offers, with Fielding winning the race for an offer that beat the ask.

Built in phases between 1961 and 1985, the 13-building Glenwood Terrace sits on 2.3 acres. The mix is one studio, seven one-bedroom units, 14 two-bedroom floor plans and eight three-bedroom units. Rents range from $400 to $650 monthly. Four units were vacant at closing. The Sperry Van Ness team working the deal also included Eric Guina and Danny Lee.

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