James and Elizabeth Ewald paid $1.7 million to Scottsdale, AZ-based Legacy Gold Properties LLC for Delano Place Apartments, a 32-unit, class B property at 1241 N. 48th St.
"Delano Place is located in an emerging submarket," says Todd Braun, a director with Cushman & Wakefield of Arizona Inc., who teamed with C&W's Bret Polachek to broker the sale for Legacy Gold Properties. "We're seeing significant employment growth in theGateway/Airport corridor."
Braun tells GlobeSt.com that Delano Place Apartments received a lot of interest from investors because it is a low-maintenance complex with superior floor plans. Legacy Gold Properties purchased the complex in 2003 as a value-add opportunity and is flipping the property as a stabilized asset.
Built in 1986, the two-building complex is situated on two acres. The two-story buildings are designed with 12 one-bedroom units of 590 sf that rent for $505 per month and 20 two-bedroom units of 820 sf that get $605 per month. It is more than 90% leased.
The Ewalds, represented by Jay Lee of Fullerton, CA-based Vanguard Realty, made their first apartment acquisition in the Valley in December 2004. They paid $1.3 million for Highland Arms Apartments, a 24-unit, class C complex at 1340 E. Highland Ave. in the Camelback Corridor.
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