PHOENIX-A Mesa seller sees in the upside in upgrades with the $1.9-million sale of the 44-unit Acacia Garden complex. Escrow lasts about 100 days while financing is arranged.

“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.

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