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PHOENIX-A local investor sells the 29-unit Hayward Gardens Apartments to Portico Properties LLC of Costa Mesa, CA for $1.77 million.

The complex at 2021 W. Hayward Ave. received four offers within the first week of listing. “It ended up selling and closing at the listed price,” says Brian Smuckler, senior associate director for Marcus & Millichap Real Estate Investment Brokerage Co.’s Phoenix office. He represented the seller, Katherine Daru, and Bert Kempfert with CB Richard Ellis Inc.’s local team negotiated for the buyer.

Smuckler tells GlobeSt.com that the appeal of the class C complex, built in 1970, is it boasts only two-bedroom units and it’s a strong location. A 840-sf apartment rents for $595 per month. The asset has five empty units.

“The seller had owned the property for awhile. She’d lived there and decided to sell,” Smuckler says. Portico was selected as the buyer because it offered the most competitive price and least amount of contingencies, he says.

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