Search
 

SoCal Buyer Lays Down $2M for 29-Unit Community

PHOENIX-Shirmar LLC trades several investment properties in the Golden State and acquires its first property in Arizona through a 1031 Exchange. The just-sold property is La Casa Apartments, a 95%-leased seniors housing complex.

By Jennifer D. Duell | Updated on December 03, 2004

PHOENIX-Agoura Hills, CA-based Shirmar LLC has made its first acquisition in Arizona with the $2.1-million buy of La Casa Apartments.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.