"This is a brand-new, class A plus property all the way," Bob Bruno of Phoenix-based Hendricks & Partners says of the 3606 E. Baseline Rd. property. "The Baseline Road corridor is a growing submarket that has plenty of jobs and is ideally located close to the airport."
Bruno, who brokered the deal along with Hendricks' Mark Forrester, says the property received 10 offers--all from private buyers. "This is a small asset...it was just the right size for people coming out of trades," he adds. At closing, the community boasted occupancy of 98%.
Bruno tells GlobeSt.com that the buyer, Oasis Retreat LP, assumed a HUD loan on the property from the seller, the Retreat Multi-Family LP, a local developer. The paperwork extended the closing time by several months.
The buyer is planning a long-term hold for the asset, Bruno says. He points out that the loan is locked in for another five years.
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