"This was a 1031 buyer, so we knew he had motivation there. Obviously, coming in with a full list price never hurts. Some of the other pricing was close to that, so it was really a function of minimizing our transaction risk," Todd Braun, a senior director in Phoenix for Cushman & Wakefield of Arizona Inc., tells GlobeSt.com. "The seller is really a value-added investor, buying properties that had a value-added component such as deferred maintenance."
Martin Hirshbein of Scottsdale purchased the 31-year-old development from Barry and Georgia Sepic. The 1515 W. Missouri Ave. property was marketed for 30 days, receiving five offers before entering escrow. Hirshbein obtained financing at about 75% loan-to-cost and 5.5% interest, Braun says.
The fully leased holding consists of 33 one-bedroom apartments and 11 two-bedroom floor plans, with the monthly rent averaging $637. In addition to recent upgrades, Acacia Garden sits very close to a future light-rail stop at 19th and Montebello avenues.
Braun and Paul Gross of Cushman & Wakefield represented the sellers. Tina Dennis of Tempe-based Valleywide Premier Properties of Arizona negotiated on the buyer's behalf.
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