Milivoje Djordjevich acquired the holding from Camelot Property Management LLC, a San Diego-based investment group. The property was sold through the bankruptcy court, says David Fogler, a senior vice president with Grubb & Ellis/BRE Commercial LLC who brokered the transaction along with Steve Nicoluzakis. Camelot Property Management exited the Phoenix market with the sale of 1601 W. Camelback Rd.
Fogler tells GlobeSt.com that the 35-year-old complex received more than a dozen offers. "Because it was in bankruptcy, it needed significant renovation work and that attracted a lot of investors because you can add some value," he says, adding he is unsure howmuch capital will be needed to restore the property.
Situated on three acres, Camelot Apartments was 65% occupied at sale time. The garden-style complex consists of two buildings with 98 studios, 78 one-bedroom units, and one two-bedroom apartment. The average unit is 500 sf; the average rent is $498 per month.
Djordjevich, who owns eight other apartment properties in the Valley, obtained a bank loan to acquire Camelot Apartments. "He likes to acquire properties to fix them up and create value so this was a good opportunity for him," Fogler says.
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