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PHOENIX-A California couple has acquired its first Greater Phoenix investment, picking up the 61-unit Cypress Woods Apartments for nearly $3.9 million.

The complex at 2135 W. Campbell Ave. was listed for $3.85 million. “This was on the market for about a year. There was consistent interest on it and it was in escrow a couple of times,” says Paul Gross with Cushman & Wakefield of Arizona Inc.’s Southwest Apartment Group. “But, the seller was extremely patient and waited for the right people to come along who would pay what he wanted.” He and C&W’s Todd Braun steered the sale for Cypress Woods Partners Inc. while the buyers, Lucio and Juana Arauza of Valley Center, CA, were represented by Josianne Wicks of Coldwell Banker’s Escondido, CA office.

Gross tells GlobeSt.com that the buyers were selected from a half dozen offers because of their understanding of the property and non-refundable earnest money. The buyers also had an established track record. “They have other real estate holdings in California,” he adds.

Built in 1972, the complex has 56 two-bedroom units and five studio apartments. The Units average 930 sf. The monthly rents run from $590 to $610. There was one vacant unit at the time of sale.

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