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Phoenix Buyer Wins Bidding War for 40 Units

PHOENIX-The local investment group outbids six others with a $1-million-plus offer for the Brookview Apartments at 4401 N. 12th St. Rent, right now, is $375 to $425 per month, but it's not likely to stay that way.

By Beverly Ford | Updated on July 16, 2003

PHOENIX-Seven bidders fought to win ownership of the 40-unit Brookview Apartments, but it was a $1-million-plus offer by Phoenix-based buyer 736 APTS LLC that took the keys to the complex in a deal that gave the new owner a prime property with upside potential.

“It was literally a bidding war,” Brian Smuckler, with Marcus and Millichap, tells GlobeSt.com of the fight over the 4401 N. 12th St. in Phoenix. The property, comprised of 10 studio and 30 one-bedroom units with rents ranging from $375 to $425 per month, captured the interest of the potential buyers because of its low per-unit costs, central location and potential for increased rents, he said.

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