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1031 Exchange Backs $2M Multifamily Sale

MESA, AZ-A California investor puts up $2.2 million for the 44-unit Mesa Mountainview complex, an 18-year-old, fully leased asset attracting multiple offers during the 45-day marketing period.

By Lee Simmons | Updated on July 16, 2004

MESA, AZ-The 44-unit Mesa Mountainview has sold to a California investor for $2.2 million, closing $200,000 below the listing price. The asset’s appeal was a 100% occupancy and lack of maintenance issues.

“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.

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