Search
 

Camelback Garners $2M Plus in Split Play

PHOENIX-The broker goes against others' advice, splits the 30-unit Camelback Gardens and walks away with a higher price than if it would have sold to a single buyer. A four-plex gets $275,000 and the remaining 26 units corner $1.6 million.

By Lee Simmons | Updated on July 15, 2004

PHOENIX-Two investors have purchased separate portions of the 30-unit Camelback Gardens condominiums in West Phoenix, putting down more than $2 million for the 1983 property. The seller sees a higher return by splitting the sales.

“You could take anyone of these properties by themselves and it was a record price for West Phoenix. The numbers were screaming,” Dan Dulin, a multifamily specialist in Marcus & Millichap’s Phoenix office, tells GlobeSt.com about the 2109 W. Colter St. property. “We were going to get a higher return at the end of the day if we spun off a four-plex.”

Rebhi and Wardeh Abdelmuti of Huntington Beach, CA, purchased a four-unit building for $275,000 from sellers Scott and Susan Voss of Chandler. The buyers obtained a 30-year, $220,000 loan from the Transnational Financial Network Inc. of San Francisco,and closed $10,000 below the original ask.

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.