John Kobierowski with Hendricks & Partners tells GlobeSt.com that Ulyvaner Corp. of Gilbert, AZ was financially unable to revamp the vintage property to meet the city's standards and was desperately seeking a buyer when his firm took over the marketing."The owner almost sold it out of desperation at a much lower price," Kobierowki says of the complex, known as the Fountains on Camelback. "We listed it and had a buyer within the first week." New owner Huron Development sealed the deal with a full price offer of $680,000, he said.
The complex, built in 1944, is located at 3002 W. Camelback Rd. in a working-class neighborhood on Phoenix's west side. Kobierowski says the apartments made the city's "Dirty Dozen" list for numerous code violations and was due to be closed by the city when Huron Development stepped in.
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