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California Buyer Takes 58-Unit Deed

PHOENIX-Stickman Properties of Woodland Hills beats 18 others across the finish line for the Villas Monterosa with a $4.2-million high bid. The deal hinges on the ability to assume a $3.2-million loan held by a Southfield, MI lender.

By Lee Simmons | Updated on May 18, 2004

PHOENIX-A California investor has purchased the 58-unit Villas Monterosa apartment community for $4.2 million, the highest of 19 bids for the West Phoenix property. The deal hinged on the buyer’s assumption of an existing loan.

“They were in an exchange and had exactly the down payment they needed. This was their first venture in Phoenix,” Karl Abert, a senior associate at Marcus & Millichap in Phoenix, tells GlobeSt.com. The five-year-old Villas Monterosa is a 90%-occupied, four-building development on 3.3 acres at 10515 W. Monterosa St. The property was on the market seven months before buyer Stickman Properties LLC of Woodland Hills, CA, entered a three-month escrow, according to Abert. Stickman assumed a $3.2-million loan, due in 2010, funded by EF&A Funding LLC of Southfield, MI. The loan’s fixed-rate interest is 8.03%.

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