The 29-unit, class B complex at 6725 N. 17th St. is housing for senior citizens. It was owned by 6725 Associates LLC, an investment group headed up by Craig Sennia of West Lake Village, CA.
"The buyer sold several investment properties in California and was looking to do a 1031 Exchange in Arizona," says Sharon Allen, an investment broker with Coldwell Banker Commercial Metro in Phoenix. She tells GlobeSt.com that Shirmar looked for more than a month before hitting upon La Casa Apartments. "Because they are out-of-state, they were looking for something that was low-maintenance--the property had to be in pristine condition," says the broker for the buy side. Sennia represented himself.
Built in 1971, La Casa Apartments is a single-story, 26,836-sf structure with a single one-bedroom unit and 28 two-bedroom apartments. Units range from 868 sf to 972 sf and rent for $575 to $625 per month. The complex is 95% leased.
"The buyer really liked the quality of the building and the tenants," Allen says. "It's in an older, mature neighborhood with lots of landscaping." Shirmar obtained financing through Washington Mutual and will self-manage La Casa Apartments.
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