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PHOENIX-One year after acquiring the 20-unit Christown Garden for $1 million, a California couple has sold the 43-year-old multifamily asset at a $500,000 profit to a local investor.

Located in the central area at 6026 N. 21st. Ave. on 1.38 acres near Interstate 17, the 100%-occupied complex was under contract within a week of its listing at $1.5 million. The buyer, Jeffrey Flores of Phoenix, had his eye on the apartment complex since its sale a year ago, according to Eddie Chang of Sperry Van Ness’ Scottsdale office, who represented the seller, Frank and Christine Nguyen from Saratoga, CA. “I knew the buyer and knew buildings of this type were his bread and butter so when this was listed, I went to him,” Chang tells GlobeSt.com. Brian Brogan of SJ Fowler/GMAC Real Estate’s Tempe office handled the buyer’s side of the deal.

The complex, spanning five parcels, has 19 one- and two-bedroom units and one three-bedroom apartment. Units range from 625 sf to 1,024 sf. Rents go from $450 to $635 per month Chang says the complex was in good shape when it changed hands so the new owner won’t have many improvements to make.

Chang says additional upside could be gleaned from the deal if the new owner wanted to pursue condo sales. “These could be offered for sale as four-plexes,” he adds. “The property has already been mapped and has separate addresses so they’re ready to go.”

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