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MESA, AZ-Close to two years after being placed on the market, the 97-unit Arbor on Broadway has been sold to a couple from nearby Peoria for $3.4 million. The complex, which sits on a 1.78-acre lot, has brought $100,000 less than the ask.

Dorut and Floarea Caienar acquired the 660 E. Broadway Rd. property from Jack Hilton, principal of Anchorage Apartments LLC of Phoenix. Rich Butler, senior investment associate for Marcus & Millichap Real Estate Investment Brokerage Co. in Phoenix represented the seller while Manny Matache with West USA in Peoria negotiated for the buyer.

According to Butler, the property was listed by another company for $3.3 million. “There was a real focus on making the building saleable,” he tells, adding it was brought out at $3.5 million for its second run on the market. “They made sure there was a lot of fine-tuning going on over there.” Improvements in the market helped as well, he continues. “With the building, the occupancy improved and the numbers looked better,” he says.

According to Butler, the complex’s occupancy is in the high 90% range. The Arbor has 40 one-bedroom units, each 550 sf with a $550 per month rent, and 27 studios with 420 sf for $450 monthly.

Matache says the Caienars sold another multifamily complex–also along Broadway–in March. He says they were interested in another investment in the same location. “They went in there [the old property] three years ago, did some remodeling, changed out the appliances and redecorated, then resold,” Matache says. He says the buyers, who also own property in Flagstone, plan to make similar improvements with the Arbor, then sell the property at some point in the future.

“I think everyone feels pretty good about this deal,” Butler says. “The buyer got a heck of a price on it.”

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