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TEMPE, AZ-In a 48-hour turnaround, the 31-unit Place of Tempe was snagged for $1.87 million by a private investor from California.

Situated on 1.1 acres at 607-627 W. 19th St., the 41-year-old complex was sold by Fernando and Victoria Almanza, also from California, to Daniel Fumbarg. “Anything within the range of 22 to 50 units gets wrapped up in a matter of days,” explains Julie Vaughn, vice president of Sperry Van Ness’ Paradise Valley office.

Vaughn, the seller’s broker, tells GlobeSt.com that the buyer’s initial offer was enough to immediately pull the listing from the market. “It was a strong offer,” she says. “The buyer was in a 1031 exchange. He made a non-refundable deposit so it was pretty clear-cut.”

Vaughn says the buyer, who was represented by Vasel Dedvukaj with Century 21, will continue to run the complex as is. “It’s for working people in the neighborhood,” she says. “So cash flow should be fairly steady for him.”

The complex was 87% occupied at closing. It contains four studios, 12 one-bedroom units and 14 two-bedroom apartments. Monthly rents range from $455 to $680.

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