Jon & Lynda Bliven bought the 114-unit complex because they liked the location, the property's condition and the unit mix, Darrell Moffitt of Marcus & Millichap Real Estate Investment Brokerage Co. tells GlobeSt.com. But then seller Casa Los Arcos LP of Westlake Village, CA sweetened the deal with an offer to finance the purchase.
The two-story, 108,228-sf complex, built in 1971, is a mix of one, two and three bedroom units with good rentals and about 60% occupied, said Moffitt. It is located at 7110 E. Continental Dr. off of Scottsdale Road south of McDowell Road. Along with 36 single bedroom, 56 two bedroom and 20 three bedroom units, the property also has covered parking, a swimming pool and laundry facilities.
Moffitt and Ric Holway from Marcus & Millichap represented the buyer in the transaction. The seller was self-represented.
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