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55-Unit Reserve Trades for $3M

TEMPE, AZ-The Reserve at Town Lake is picked up by a California couple, who get a promise for solid returns after general improvements for their first acquisition in the metro. Escrow on the property closed in less than 30 days.

By Lee Simmons | Updated on May 13, 2004

TEMPE, AZ-With upside expected a renovation, a California couple has purchased the Reserve at Town Lake for $2.7 million from Tempe-based Millennium Town Lake I LLC. The purchase marks the buyers’ first in the Phoenix market.

“They felt like this was a good opportunity. They could not find any good opportunities like this in Southern California,” Karl Abert, a senior associate and director of the national multi-housing group at Marcus & Millichap in Phoenix, tells GlobeSt.com. Charles and Cynthia Eberly of Beverly Hills, beating out four other would-be buyers, entered escrow on the property two weeks after it came to market, says Abert. The fact that they were able to close under 30 days with the highest bid–plus a 30% down payment–all proved a bonus to the seller.

The deal closed at $300,000 less than the list. The buyers obtained a 15-year, $1.9-million loan from Washington Federal Inc. of Seattle at 5.75% for the first three years and adjustable to 6.75% for the remainder of the term.

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