"Its location was key," Ryan Ash, an investment associate with Marcus and Millichap's Phoenix office, tells GlobeSt.com. "It's near a lot of the employment in this area."The 1960-constructed building sits at 2947 N. 39th St., in the East Phoenix submarket. The single-story complex consists of two one-bedroom units with 575 sf each and nine two-bedroom units with 850 sf apiece. Monthly rents range from $430 to $550.

The Scholps took out a 10-year loan for about $420,000 from Austin, TX-based KC Capital at a fixed rate of 6% to help finance their acquisition, says Ash. Although the East Phoenix submarket has recently experienced an 86% occupancy rate among multifamily properties, Desert Oasis was fully leased at closing time. Amenities include a laundry room and back patios. Ash represented the buyer; Dan Dulin of Marcus & Millichap represented the seller in the deal.

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