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$1M Claims 38-Unit Vintage Complex

TEMPE, AZ-A SoCal investment group snaps up the Continental, a 90%-leased, class C complex adjacent to Arizona State University. The winner comes within $100,000 of the $1.55-million ask to win the deal.

By Jennifer D. Duell | Updated on April 13, 2005

TEMPE, AZ-A 25-year-old multifamily property has sold for $100,000 less than the ask to a California investment group. The class C, 38-unit Continental is adjacent to Arizona State University.

John Donahue of JDD Properties of Ladera Ranch, CA paid $1.45 million to John Braggins of Continental Lifestyles Inc. of San Rafael, CA for the Continental at 1026 E. Spence Ave. The complex, listed at $1.55 million, received several offers and eventually traded at a 7.6% cap rate, Brian Smuckler, a director with Marcus & Millichap Real Estate Investment Brokerage Co., tells GlobeSt.com.

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