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.
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.