The Strabala Family Trust purchased the 28-unit Hyde Park Apartments at 3822 N. 28th St. for close to $1.6 million and investor Ken Babcock spends $1.5 million for the 31-unit Sunny Palms Apartments at 4402 N. 36th St.
The Strabala trust secured acquisition financing from La Jolla Bank of Rancho Santa Fe and put down $450,000, Neil Sherman, a vice president with Sperry Van Ness in Phoenix tells GlobeSt.com. He and Eric Guina, also with Sperry Van Ness, represented the buyer and the seller of record, Hyde Park LLC of Scottsdale.
"The seller had tried to sell it on his own by getting information to a number of brokers. We spoke to him and he wasn't ready to sign a listing, but he said, 'Here's what I want for it,'" Sherman says. "We had a number of buyers in 1031 Exchanges and this particular buyer had just sold three four-plexes in Mesa."
Built in 1971, the three-building Hyde Park, all two-bedroom units, was 96% occupied at closing. More than half of the units were recently remodeled.
Babcock was one of a dozen investors eyeing Sunny Palms, Sherman says. The Mesa investor's willingness to close about the $1.4-million ask elevated him to preferred-buyer status for seller, Teresa Stanfield of Kingman, AZ, according to Sherman, who teamed with Danny Lee of Sperry Van Ness on the buy side and with Guina as the seller's broker. represented the seller.
The 42-year-old Sunny Palms, sitting on 2.6 acres, had two units open at closing time. The eight-building complex consists of 14 one-bedroom units, 11 two-bedroom designs and five three-bedroom plans. Monthly rents range from $493 to $706.
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