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Yuma Apartment Complex Draws $1M

YUMA, AZ-Outstanding cap rate, low gross-rent multiplier and dynamic community combine forces to a local investment swap of the 48-unit Las Flores Apartments. The new owner gets an asset with two vacancies and the seller gets nearly $1.3 million.

By Lee Simmons | Updated on March 26, 2004

YUMA, AZ-San Diego transplant James Collins Properties has purchased the Las Flores Apartments for close to $1.3 million after recently relocating to Yuma.

“This was an opportunity purchase,” Mike Hubl of Marcus & Millichap’s Phoenix office tells GlobeSt.com about the acquisition from Scott B. Wilson of Yuma. “The buyer is going to self manage the asset and reposition it, charge higher rents and put it back on the market in the near future.”

Collins made a 30% down payment and assumed an existing Orix loan that was originally provided by Bank of America. The note is due in 2008 at a fixed rate of 7.16%, according to Hubl, who represented both parties.

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