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PHOENIX-A couple from San Rafael, CA has paid $1.6 million for Casa Loma Apartments, a 34-unit, class C complex in the west central corridor.

Stewart and Elisa Reubens, first-time Valley buyers, got the 2740 W. Colter Ave. complex from Casa Loma JK Apartments LLC of nearby Peoria. “This complex traded at the highest price per unit for the immediate submarket,” says Brian Smuckler, a director with Marcus & Millichap Real Estate Investment Brokerage Co. who teamed with Ryan Ash to steer the sale. Rick Turner of Prudential Arizona Properties represented the buyers.

Smuckler tells GlobeSt.com that the 2.3-acre Casa Loma Apartments received 13 offers before trading at 98% of the list price. He says the Ruebens will make cosmetic improvements to the exteriors of the nine-building complex. The 850-sf, two-bedroom units rent for $520 per month. According to Smuckler, there’s some upside in the deal since rents are $50 below market.

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