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PHOENIX-With local investors on both sides of the deal, the eight-unit Diamond Hall Apartments has sold for $525,000 in an off-market transaction.

The 50-year-old Diamond Hall at 402 W. Earll Dr. was 100% occupied when Earll Drive Apartments LLC took the deed from Diamond Hall Apartments LLC. Dan Dulin and Eric Wolfe with Marcus & Millichap Real Estate Investment Brokerage Co.’s Phoenix office brokered the sale.

“There had been another building listed next door to this one, with the buyer in a contract on that deal,” says Wolfe, an associate, who added the buyer’s initial goal had been to purchase much of the multifamily property in that section of West Earll Drive. He tells GlobeSt.com that the contract allegedly fell out for the next-door property and “he ended up buying Diamond Hall.”

Wolfe says the buyer plans to fix up the property, but no major rehabilitations are planned. “Most of the repairs will mainly be deferred maintenance,” he says. The two-bedroom units average 776 sf. The monthly rents run from $525 to $595.

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