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California Buyer Puts Up $2M for 45 Units

PHOENIX-A Chatsworth, CA buyer pays $1.8 million, assuming a $1.3-million conduit loan to beat 11 others for the Carlton Court apartments at 5024 E. Thomas Rd. The complex, with six vacancies, has been on and off the market for years.

By Lee Simmons | Updated on July 01, 2004

PHOENIX-A California investor fends off 11 competing offers and assumes more than $1 million in debt to purchase the Carlton Court apartments in East Phoenix for slightly more than $1.8 million. A conduit loan assumption proved key to making the close.

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.

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