"They were very location sensitive," Rich Butler of Marcus & Millichap tells GlobeSt.com. "There was a two square mile radius they were willing to go into and didn't want to pay $70,000 a unit prices." He said it took a year of looking, but Missouri Gardens LPof Vancouver, BC finally found the ideal investment in the 1637 E. Missouri Ave. property.
The Canadian investors took the property for close to $2.1 million in a deal that gave sellers David and Geeta Singh of Phoenix about $30,000 per unit. Built around 1969, the property, which features 41 studio apartments and 11 one-bedroom units totaling 22,970 sf, had been owned by the Singhs since 1989, Butler said. He and Darrell Moffitt of Marcus & Millichap represented the seller. Brian Smuckler, also of Marcus & Millichap, represented the buyer.
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