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Northern California Investor Makes First Phoenix Buy

PHOENIX-Jose Prado of Redwood City, CA, dives into the metro's multifamily sector with the $7.5-million acquisition of the Villa de Paz Apartments at 4405 N. 103rd Ave. The complex, nearly 100% occupied, traded at a 6.5% cap rate.

By Jennifer D. Duell | Updated on October 06, 2004

PHOENIX-A private investor from Redwood City, CA, has laid out $7.5 million for Villa de Paz Apartments, using 1031 Exchange capital from a Northern California sale to mark the Phoenix inroad.

Jose Prado sold a small multifamily asset in his homeport and reinvested the gain into 4405 N. 103rd Ave., says Todd Braun of Cushman & Wakefield Inc.’s Southwest Apartment Group. He and C&W’s Paul Gross and Brett Polachek represented the seller, Rancho Bernardo, CA-based Baland Group. Don Reed of RE/Max Dolphin Real Estate in Redwood City negotiated on the buyer’s behalf.

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