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Buyer Games Out Plan for 28 Phoenix Units

PHOENIX-A California investor purchases the Christown Villas in Central Phoenix for slightly more than $1.1 million after more than a year of the holding bouncing on and off the market. The sale jumpstarts an extensive renovation for a repositioning.

By Lee Simmons | Updated on May 07, 2004

PHOENIX-A California investor has purchased the Christown Villas in the Central Phoenix corridor for slightly more than $1.1 million. The buyer plans to refurbish the seven-building, 28-unit complex as part of a repositioning campaign.

“This is a building where the buyer bought it on negative cash flow and he’s looking to reposition,” Brian Smuckler, a vice president and director of the national multi-housing group at Marcus & Millichap in Phoenix, tells GlobeSt.com. The property had gone on and off the market for about one year before the latest deal took shape.

The buyer, El Cajon, CA-based Cuatro J. LLC, beat out eight competing offers and closed escrow with seller Jonathan Holmes of San Jose, CA, in less than 30 days. The buyer brought a down payment to the table, with the balance of the purchase price being covered by seller-provided financing.

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