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Investor Buys 177-Unit Asset From Bankruptcy Court

PHOENIX-Camelot Apartments, a 65%-leased, class C complex, garners more than a dozen offers before a local investor acquires the property for nearly $4 million. The 35-year-old property requires significant renovations.

By Jennifer D. Duell | Updated on January 19, 2005

PHOENIX-A local investor looking to expand his apartment portfolio has paid nearly $4 million for Camelot Apartments, a 177-unit, class C complex in line for a major overhaul.

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.

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