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$2M Scoops Up Multifamily Deed

PHOENIX-A quick due-diligence program boosts a Colorado couple to the top of the heap for the 26-unit Encanto Suites, bought 2.5 years ago as a turnaround play. The seller's $200,000 renovation tab is rewarded with several full price offers.

By Lee Simmons | Updated on June 18, 2004

PHOENIX-A Colorado couple has purchased the Encanto Suites apartment community in Central Phoenix for $1.5 million, beating out four other offers with a quick due-diligence program. More than two years of renovations surpassing $200,000 went into turning around the development.

“The seller was comfortable with this buyer not only because of the full price, but also because of the fact that they came into town and personally met with the seller and they did a really quick due-diligence program,” Brian Smuckler, a senior associate with Marcus & Millichap in Phoenix, tells GlobeSt.com. Mitchell and Jennifer Conrad of Arvada entered a 60-day escrow with seller Prime Time Real Estate Investments LLC of Anthem, AZ, after seven days of marketing.

The property received five offers, most of them at the full list price. The Conrads obtained acquisition financing from LaSalle Bank Corp. of Chicago at 80% loan to value.

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