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PEORIA, AZ-In a rapid turnaround time between contract and closing, the 100-unit Villas at Montebella was sold to a local investor for $4.5 million in an off-market transaction.The property, situated on 5.09 acres at 10860 N. 85th St., took 58 days between contract and close, according to Rue Bax, senior advisor with Sperry Van Ness’ Phoenix office. Bax represented both the buyer, LS Equity Investments and the seller, Hope at Montebella, in the deal. Both firms are locally-based.Bax tells GlobeSt.com that the seller had a loan coming due on the property, which he had owned for several years. “He had to make some choices as to whether to refinance the loan or sell the property,” Bax says. “Basically, from his standpoint, he never really felt comfortable in the management and ownership side of things.” The apartment complex was the seller’s sole asset.From the buyer’s point of view, Bax continued, the property represented a solid investment. “She’s an individual buyer who has bought and sold a number of different properties in the area this past year,” he adds. The 1974-built property, which was 83% occupied at the time of closing, has 20 one-bedroom units averaging 485 sf and 80 two-bedroom units averaging 780 sf, with monthly rents between $499-$599.Bax says minor renovations are planned for the property, including the addition of carports and security gates. A budget for renovations was not available at press time.

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