Quick Close, Full Ask Sew Up 79-Unit Sale

SCOTTSDALE, AZ-A 1960s vintage apartment complex received two full-price offers during its six months on the market, but it was a pair of California investors with a $4.4-million bid that won the complex with their quick-closing terms.

Exchange buyers Gary and Janet Beckerman of Studio City, CA traded a Southern California multifamily for the 79-unit Crestwood Villas Apartments, beating out two other bidders, including one who also offered full price, to win a complex that was more than 90% occupied, Todd Braun in the Phoenix office of CB Richard Ellis Inc. tells GlobeSt.com.

“They were able to put long-term, low-interest debt on the property and the belief is that through management and an improvement in the overall apartment market, they’ll do very well,” Braun says, noting the buyers’ ability to quickly close on the deal sealed the transaction.