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Exchange Buyer Puts Up $3M for Class C Complex

MESA, AZ-The 52-unit First Avenue Apartments sells for $2.5 million to a Los Angeles investor, who leverages the takeover with a 75% loan-to-cost financing. The investor's upside is getting a fully leased complex with rents running 5% to 10% below market.

By Jennifer D. Duell | Updated on March 28, 2005

MESA, AZ-Attracted to the property’s upside, a 1031 exchange buyer from Los Angeles has paid $2.5 million for the 52-unit First Avenue Apartments.

Andrew Geller purchased the fully leased, class C complex at 633 W. First Ave. in downtown Mesa from David Winston of Los Angeles. Geller, planning a minor rehab before hiking rents, has picked up a 1970s-era asset with monthly rates running 5% to 10% below market, Kathy Peary, member of Hendricks & Partners’ Phoenix office, tells GlobeSt.com. She teamed with Hendricks’ John Kobierowski and Greg Thielen to broker the sale.

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