PHOENIX-An Arizona investor has nearly doubled his investment on Palm View Manor Apartments, selling the 20-unit complex for the full $1.3 million ask. The deal sets up the second trade of the vintage multifamily asset in four years.

Seller Erik Nielsen of Peoria paid $825,000 for the class C property at 1930 W. Myrtle Ave., but worked through a repositioning that took occupancy to 100%. “His equity had built up and he wanted to exchange into something larger,” explains Ryan Ash, investment associate with Marcus & Millichap Real Estate Investment Brokerage Co. in Phoenix. “This was Nielson’s only asset in the area.” He says Palm View attracted a great deal of interest during its week-long sojourn on the market, with Laki LLC, led by George Bustamante of Costa Mesa, AZ topping two other offers for the asset. Ash and Marcus & Millichap’s Brian Smuckler worked out terms for both sides of the deal.

Ash tells that the 1962-constructed, single-story complex of all two-bedroom units was in excellent shape, with no major improvements necessary. “There’s tremendous upside potential in the rent and a stable tenant base,” he adds. “This should do very well for the new buyer.” The new owner has other class C assets in the Valley.

To finance the deal at a 70% loan-to-value ratio, the buyer obtained a three-year loan at a 6.15% fixed-rate interest with a 30-year amortization through Marcus & Millichap Capital Corp. The 1.3-acre asset has units measuring 953 sf that rent for $575 per month.

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