"We made an offer a year ago, but Karin wasn't interested," explains Jackie Allen of Coldwell Banker Commercial Metro who represented Alan Chutich. "The difference is that she can now do a 1031 Exchange." Hakanson was represented by Howard Berger of Phoenix-based Berger Investments.
Allen tells GlobeSt.com that the complex, located at 210 S. Roosevelt St., traded in an off-market transaction at a 6% cap rate. "This is Alan's first buy in the area. He really liked the growth prospects in Tempe," she says.
Blue Haven Apartments, built in 1988, offers four 600-sf, one-bedroom units that rent for $600 and 16 two-bedroom apartments with 900 sf apiece that rent for $700 per month. The complex is 90% leased. Chutich plans a long-term hold for Blue Haven Apartments with the possibility of converting the assets into condos in the next two years, Allen says.
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