"It was quite a challenge to find the right buyer," John Kobierowski with Hendricks & Partners tells GlobeSt.com. But find the right buyer he did in Athlaco, LLC of Mission Viejo, CA.
The California group saw an upside in the Sonoran Heights complex at 523 West 9th St. here and purchased the property for $8,000 per unit--under the going rate.
Kobierowski says the buyer plans to put about $250,000 in renovations into the units and reposition the property. The 43 one-bedroom and 45 two-bedroom units, half of which were vacant at the time of sale, rent for between $495 and $595 per month.
"It was a huge win-win situation," he explains. "We got the seller out of the property and found a buyer who will do a great job renovating it."
The transaction was negotiated for the buyer and seller, Winroc Properties II LLC of Tempe, by Kobierowski and Greg Thielen, also with Hendricks & Partners.
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