Old Orchard II LLC picked up the Avalon Terrace apartment complex from seller Via Esperanza LLC of Orangevale, CA when the former owner decided to divest some of its Arizona properties. Brett Polachek of CB Richard Ellis Inc.'s Phoenix office, tells GlobeSt.com that the deal on the 71,000-sf complex was part of a 1031 Exchange for Old Orchard, which purchased the 4141 E. 29th St. complex for investment purposes.
"It was appealing because it gave (the buyer) a chance to add to the value by putting something into the property and increasing rents," said Polachek, who represented the seller along with Todd Braun and Michael Chapman. The 37-year-old apartment complex is composed of one studio, 11 one-bedroom, 62 two-bedroom and a trio of three-bedroom apartments.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
