"The seller got his terms--carry-back financing at 7% interest--and the buyer got his price," Ryan Ash, an investment associate with Marcus & Millichap in Phoenix, tells GlobeSt.com. Two months of marketing generated six offers on the 29-year-old complex at 225 S. Stapley Dr.
The buyer, Aldaberto Contrares, purchased the property below the listing price after agreeing to the seller's carry-back financing at 80% of the purchase price, Ash says. Escrow lasted three weeks.
Spanish Palms is a mix of one studio apartment, 21 one-bedroom units and six two-bedroom units in single- and two-story buildings. Rent averages $550 per month.
The seller, Linh Tran of Phoenix, rehabilitated many of the units on the 1.5-acre property prior to the sale, with installation of tile in some remaining units still planned. An owner of several smaller multifamily properties in the Phoenix market, Tran's sale of Spanish Palms is one of many as the investor dissolves his portfolio approaching retirement, says Ash, who represented the seller. Vasel Dedvukaj of Century 21 broker for the buyer.
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