PHOENIX-Following a two-month marketing period, a Southern California couple has disposed of the 29-unit Missouri Crest Apartments for $1.6 million.

Buyers Bela and Lilebeth Bobis of Scottsdale, AZ beat three other offers for the property at 1623 W. Missouri Ave. because they were local and flush with funds through a 1031 exchange. “They were a known entity in the market and could get through the escrow period quickly,” says Brian Smuckler of Marcus & Millichap Real Estate Investment Brokerage Co. in Phoenix, who represented buyer and seller, Christopher and Connie Burger of Bakersfield, CA.

Smuckler tells GlobeSt.com that the transaction disposes of the seller’s last asset in the metro. “They’ll probably concentrate on something out of state,” he says.

Smuckler says the buyer got the exchange funds from a local sale in late 2005. The Missouri Avenue replacement property was listed for $1.67 million.

He adds that the complex’s new owner most likely will make some cosmetic improvements to the 43-year-old complex, situated on 1.1 acres. With one vacancy at sale time, Missouri Crest contains one-, two-and three-bedroom units, measuring 625 sf to 1200 sf. Its monthly rents range from $475 to $675.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.