Seller Erik Nielsen of Peoria paid $825,000 for the class Cproperty at 1930 W. Myrtle Ave., but worked through a repositioningthat took occupancy to 100%. "His equity had built up and he wantedto exchange into something larger," explains Ryan Ash, investmentassociate with Marcus & Millichap Real Estate InvestmentBrokerage Co. in Phoenix. "This was Nielson's only asset in thearea." He says Palm View attracted a great deal of interest duringits week-long sojourn on the market, with Laki LLC, led by GeorgeBustamante of Costa Mesa, AZ topping two other offers for theasset. Ash and Marcus & Millichap's Brian Smuckler worked outterms for both sides of the deal.

Ash tells GlobeSt.com that the 1962-constructed, single-storycomplex of all two-bedroom units was in excellent shape, with nomajor improvements necessary. "There's tremendous upside potentialin the rent and a stable tenant base," he adds. "This should dovery well for the new buyer." The new owner has other class Cassets in the Valley.

To finance the deal at a 70% loan-to-value ratio, the buyerobtained a three-year loan at a 6.15% fixed-rate interest with a30-year amortization through Marcus & Millichap Capital Corp.The 1.3-acre asset has units measuring 953 sf that rent for $575per month.