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PHOENIX-The 35-unit Olivewood Apartments has been sold to Gil Investments LLC in Morgan Hill, CA, for $2.07 million or $20,000 above the ask.

The seller, Regents for the University of California in Oakland, CA, was represented by Brian Smuckler, a director for Marcus & Millichap’s Phoenix office. Danny Kapic of Marcus & Millichap in Sacramento, CA, negotiated on the buyer’s behalf.

The occupancy of the building, located at 2503 N. 52nd St., was 100%, a chief selling point for landing a contract within two weeks of being introduced to the market–and why it attracted five offers from prospective owners, Smuckler says, citing the timing of a 1031 exchange as yet another reason for the rapid turnaround of the deal. The buyer, a contractor by trade, not only increased his bid above the ask to beat four others vying for the 1979-built asset, but waived the walk-through and added no contingencies to the deal, he says.

The deal was equally as good for the seller, as well, Smuckler adds. “The building had been owned by a gentleman and had been donated to the University,” Smuckler explains. “The University’s intent was never to hold onto the building long term. So with this sale, they were trying to move something off the portfolio and to disburse assets.”

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