Sigmund Neufeld and Patrick Veillette of Las Vegas sold the 6703 N. 17th Ave. asset to John and Linda Hopkins, who put down 30% and secured a loan for the balance, Brian Smuckler, an associate in Phoenix for Marcus & Millichap Real Estate Investment Brokerage Co., tells GlobeSt.com. The listing received five offers in one week of marketing, he adds.
"La Vita is a very stable investment with stable occupancy," Smuckler says. "It's a turn-key deal." Built in 1969, the garden-style complex has a 760-sf, one-bedroom unit that rents for $525 per month and 17 two-bedroom apartments, with 1,050 sf, that bring in $690 per month apiece. Many tenants have lived at La Vita for several years, according to Smuckler.
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