"We had it on the market for about 45 days and received a handful of offers. The fact that the buyer had a 1031 motivation was really key to this deal," Todd Braun, a senior director at Cushman & Wakefield of Arizona Inc.'s Phoenix office, tells GlobeSt.com.
Eva Lau of Los Angeles emerged the winning bidder for the 830 N. Alma School Rd. property, obtaining acquisition financing at 75% of the purchase price and filling in the balance with 1031 Exchange funds. The complex contains 17 one-bedroom apartments and 27 two-bedroom units. Monthly rents range from $525 to $625.
Braun and C&W's Paul Gross represented the seller, Jerry Matthews of Marina Del Rey, CA. Linda Gerchick of RE/Max Scottsdale negotiated for the buyer.
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