Search
 

California Buyer Trades $480,000 for 11-Unit Complex

PHOENIX-The private investor overcomes some hurdles in a 65-day escrow, but the sale of the 9th Place Apartments finally gets stamped as done. The new owner will make some immediate repairs and then fill four units that went dark during escrow.

By Lee Simmons | Updated on July 12, 2004

PHOENIX-A California investor has purchased the 11-unit 9th Place multifamily property in East Phoenix for $480,000. The deal hit some stumbling blocks on the way to closing, including the departure of tenants during escrow.

“Once it went under contract, out went the tenants,” Dan Dulin, a multifamily specialist at Marcus & Millichap in Phoenix, tells GlobeSt.com. “The seller could not get his arms around the property. It seemed to be falling to pieces during escrow, but we had avery motivated buyer.”

Gary Kurt of La Jolla, CA, emerged the winning bidder out of three offers secured during a four-month marketing period for 3703 N. 9th Place. Dulin says he picked up the listing from another broker and increased the asking price significantly despite reservations by seller Ioan Tanca of Vancouver, WA. The sales price was $495,000, though the final deal closed $15,000 less once the seller, who acted as his own broker, took a commission on the deal. Escrow lasted 65 days. Kurt obtained acquisition financing from the Bank of Internet USA in San Diego.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.