Dual Multifamily Sales Hit Close to Asking Prices

PHOENIX-Eager would-be buyers face off in stiff competition for vintage complexes in Phoenix and Yuma, pushing the sales price close to the asking price, a Marcus & Millichap broker tells GlobeSt.com.

The 270-unit Camelback Cove Apartments, situated at 4802 N. 12th St., brings more than $9.6 million or 94% of the listing price. The Yuma property, the 176-unit River Park Apartments at 2575 W. 24th St., pulls about $7.8 million or 97 1/2% of what the seller wanted.

Michael Hubl, Marcus & Millichap investment associate in Phoenix, says neither deal closed quickly. Camelback Cove was in escrow for five months and River Park, six months. “They were the perfect buyers, the perfect sellers, but there were a lot of bridges to cross,” he says, skipping the intricacies of the holdups. “Both had unique situations.”