Eli Arnaldes of Chatsworth bought the 45-unit apartment at 5024 E. Thomas Rd. in Phoenix from Almeria LLC of Sedona, AZ after passing on and off the market for several years until last fall when a return run produced 12 offers at practically full ask, Ryan Ash, an investment associate with Marcus & Millichap's Phoenix office, tells GlobeSt.com.
Arnaldes entered escrow in January. Another 90 days were spent working the process to assume a $1.3-million conduit loan from Wachovia Bank of Charlotte, NC. The loan, with a interest rate hovering 8.9%, doesn't mature until 2010.
"It came down to finding a buyer that was willing to assume that loan and financially stronger than most. The bank wasn't going to let just anyone assume it," says Ash, who brokered the sale along with Marcus & Millichap's Ric Holway. Ben Alkalay of Century 21 represented the buyer.
Built in 1963, the complex had six vacant units at closing. The mix includes nine studio apartments, 19 one-bedroom units, 15 two-bedroom units and three 3-bedroom units. Rents average $550 per month.
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