Seller Jonathan and Linda Bliven sold the 98,000-sf Canyontree Apartments at 2048 W. Myrtle Ave. to Stonebrook Homes Inc. in a deal that allowed both buyer and seller to qualify for a 1031 Exchange. "It was a good deal for both parties," Ric Holloway with Marcus and Millichap in Phoenix tells GlobeSt.com. "Rents were probably 5% below market value, which made it very appealing" to the buyer.
Holloway said the Blivens renovated the 169 units in the 19-building complex, increasing occupancy rates from about 78% to 98% in the process. The complex was built in 1971. The renovation, along with the couple's continued maintenance efforts, helped stabilize tenant turnover and gave the complex a reputation for having both good occupancy rates and good collections, he said.
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