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AVONDALE, AZ-A Peoria investor, eyeing the upside in a fast-growing suburb west of Phoenix, has spent slightly more than $5.1 million for the 150-unit Mountain View Apartments. The deal has closed with a $3.5-million assumption of a Fannie Mae loan with seven years left on the term and 1031 Exchange proceeds from a metro Phoenix sale.

Buyer of record, ZA Apartments LLC, was the top bidder for the final multifamily holding in Arizona for a Carlsbad, CA-based investment group, which bought 333 E. Van Buren St. in Avondale just four years ago. “They maintained it well,” says Mark Forrester with Hendricks & Partners in Phoenix, a two-time seller of the class B complex. The new owner was turning around proceeds from a smaller multifamily property in Glendale.

Several would-be buyers put in an offer during the four-month marketing period for the 20-year-old complex. “It was pretty straightforward,” Forrester tells GlobeSt.com. “But, the loan assumption took some time.” There is seven years left on the Fannie Mae loan’s term, he says.

Boasting a 92% occupancy at sale time, the complex’s units have an average rent of $550 per month. Units average 589 sf. “As the market improves, he will be able to improve his rents,” says Forrester, who negotiated the sale along with Hendricks’ Andrew Tate.

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