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L.A Buyers Grab Class A Asset for $17M

PHOENIX-A first-time investor from Los Angeles beats out nine other would-be buyers for the 192-unit Retreat at the Raven, spending $17.4 million or $50,000 more than the list price for a 98%-leased asset.

By Jennifer D. Duell | Updated on September 14, 2004

PHOENIX-A Los Angeles-based investor has acquired its first apartment asset in the city for $17.4 million, beating out nine other potential buyers. The 192-unit Retreat at the Raven traded for $50,000 above the original list price or about $90,356 a unit.

“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%.

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