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22-Unit, Class C Complex Trades for $1M

PHOENIX-29 Palms garners four offers before passing to a couple from Anaheim, CA, who made the close with 1031 exchange funds and seller financing. The 1960s-era complex, which had only one vacant unit, picks up $1.3 million or 96% of the list.

By Jennifer D. Duell | Updated on March 21, 2005

PHOENIX-A couple from Anaheim, CA has completed a 1031 exchange by purchasing 29 Palms for $1.3 million. The 22-unit, class C complex and just one vacancy at sale time.

Using gain from a multifamily sale in their hometown and seller financing, Pete and Eleni Kousoulas acquired the 29 Palms from local seller, Dell John Properties, which had owned the complex for more than 10 years. The 1960s-era complex is surrounded by palm trees, which gives it the name 29 Palms, says Brian Smuckler, an investment broker with Marcus & Millichap Real Estate Investment Brokerage Co.’s local office. He and colleagues Ric Holway and Hamid Panahi brokered the transaction.

Smuckler tells GlobeSt.com that 29 Palms received four offers before trading at 96% of the list price in a seller-financed transaction. “This complex has pride of ownership and it’s in good condition,” he says, adding that the deal closed at the highest price per sf for the east Phoenix submarket.

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