Julie Vaughn of Sperry Van Ness Mullin tells GlobeSt.com that buyers scooped up the 39-unit Orangetree Apartments in Phoenix and a sister property, 30 units at the Place of Tempe Apartments almost simultaneously, allowing seller Richard Jensen to consolidate his holdings in a 100-unit complex in Central Phoenix.
"Mr. Jensen was concerned we wouldn't be able to sell the two properties in a short time frame" that would have allowed him to meet the government's 45-day requirement for a 1031 Exchange, says Vaughn. "Escrow has opened, all the contingencies have been removed and he's in the loan approval process"
But through an intense marketing effort and a proactive escrow management program by Sperry Van Ness Mullin, Jensen was able to meet the deadline. "We marketed the living daylights out of it," Vaughn says, adding that the intensive effort paid off in closings within a week of each other.
Buyer Shanbagam Properties I LLC paid close to $1.4 million for the Tempe property near the intersection of Broadway Road and Roosevelt Street while Orangetree Apartments, located in Phoenix near 44th Street and McDowell, sold for almost $2 million to Tim and Kathy Faust of Tim Faust LLC. Vaughn represented both parties in the transactions.
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