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PHOENIX-As part of a 1031 exchange on both sides, a California couple has acquired the 20-unit Mountain View Acres Apartments for $1.27 million from Covina, CA-based 1346 L&W LLC, which sold its last asset in the Valley.

The class C complex at 1346 E. Mountain View Rd., listed for $1.3 million, attracted five offers within the first week of marketing, according to Brian Smuckler, senior associate director in Phoenix for Marcus & Millichap Real Estate Investment Brokerage Co. The winning offer came from Brent and Pamela Saunders of Agoura Hills.

“The buyers got the deal because they offered cash and they could move quickly,” Smuckler tells GlobeSt.com. “There was no financing contingency. Because of that, the buyers stood above the others that required loans.” He and Jeff Seaman, also with Marcus & Millichap’s Phoenix office, brokered both sides of the transaction. The seller, marking a market exit with the deal, plans to reinvest its proceeds into a SoCal property, according to Smuckler.

Built in 1986, Mountain View Acres is about 91% leased, a mix of all two-bedroom apartments with 800 sf apiece. Rents are $595 per month.

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