"It had a good occupancy and leased up very quickly with a good resident profile. The property is less than half a mile from St. Joe's Hospital ... and a good portion of the residents work at the hospital or surrounding medical facilities," David Fogler, asenior vice president at Grubb & Ellis/BRE Commercial in Phoenix, tells GlobeSt.com about the sale of 222 W. Clarendon Ave. in Phoenix.
Solid Goods Corp. bought the property from Clarendon Park LLC, a division of Phoenix-based Gray Development Group, beating 11 other offers placed for the property during nine months of marketing. None of the offers met the seller's asking price, according to Fogler.
"It was really heavily bid. We got great response from the marketplace," Fogler says. "It was a combination of price and the quality of the buyer. He checked out very well and did a lot of his homework up front on the property and the market ... and he was able to move quickly."
The buyer obtained a two-year, $7.2-million bridge loan from MidFirst Bank of Oklahoma City at 3.62% fixed-rate interest. Johnson Capital Partners of Phoenix arranged the financing.
The complex consists of 36 studio units, 18 one-bedroom units, and 84 two-bedroom units. Rents average $839.
In addition to proximity to a solid employment base, a future light-rail stop to be located nearby will only enhance the property to prospective tenants hoping to commute to work, adds Fogler, who along with Steve Nicoluzakis of Grubb & Ellis/BRE Commercial represented the seller. The buyer was self-represented.
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