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California Investor's $3M Bags 66-Unit Deed

PHOENIX-A 1031 exchange buyer from Oakland, CA makes his first purchase in Arizona, spending $3.1 million for the 35-year-old Mission Villa Apartments, a class C asset with just one vacancy.

By Jennifer D. Duell | Updated on January 27, 2005

PHOENIX-With 1031 exchange money in hand, a buyer from Oakland, CA has paid $3.1 million for Mission Villa Apartments, a 66-unit, class C complex.

Tao Sheng Chang bought the 35-year-old property from Timmer LLC of Scottsdale. “He was attracted to the stable occupancy and the fact that revenues were increasing every month,” says Cliff David, an investment broker with Marcus & Millichap Real Estate Investment Brokerage Co. He, Ric Holway and Dan Dulin brokered the transaction for 3001 N. 32nd St.

Situated on 3.5 acres., the two-story, garden-style complex underwent extensive renovation and re-tenanting while owned by Timmer, David tells GlobeSt.com. “The buyer and the seller both got a good deal,” David says. “The seller was able to recognize value while the buyer got a good cash-flow investment.”

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