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TEMPE, AZ-A repeat buyer from Costa Mesa, CA has taken over the 28-unit Villa Tempe for $1.45 million, allowing an Arizona investor to walk away from his last asset with the full ask in hand.

Kona ZA LLC took the deed to 2108 S. Rural Blvd. “He already owns real estate in Phoenix. He’s qualified. His funds were verified. He visited the real estate to check it out and he offered the asking price,” says Ryan Ash, an investment associate with Marcus & Millichap Real Estate Investment Brokerage Co.’s Phoenix office. Ash and colleague Brian Smuckler represented the buyer while Ric Holway and Cliff David, also with Marcus & Millichap, represented seller Michael Myers of Mesa.

Villa Tempe was 90% leased at sale time. Ash tells GlobeSt.com that the buyer has no plans to convert the units into condominiums, but he is planning to paint and upgrade the landscaping of the near one-acre property, developed in 1959.

Villa Tempe has 15 one-bedroom units, each 650 sf, and 13 two-bedroom apartments with 800-sf floor plans. Pro forma monthly rents are $495 and $595, respectively.

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