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88-Unit Class C Apartments Attract SoCal Investor

PHOENIX- Monte Vista Gardens, an 88-unit, class C apartment complex, sells for $3.2 million to Scott Neumann of Neumann Properties LLC. The San Diego buyer plans to rehab and retenant the 23-year-old property.

By Jennifer D. Duell | Updated on April 14, 2005

PHOENIX-An investor from San Diego, Scott Neumann of Neumann Properties LLC, has paid $3.2 million for Monte Vista Gardens, an 88-unit, class C apartment complex. Marcus & Millichap Capital Corp. provided financing for the acquisition. The 23-year-old property at 2110 North 32nd St. was sold by Joel McCloud of Joryco Properties LLC of Torrance, CA. It had a list price of $3.25 million. Monte Vista Gardens, which provides a value-added investment, received five offers, according to Darrell Moffitt with Marcus & Millichap Real Estate Investment Brokerage Co.’s local office. He brokered the transaction. The complex needs some exterior and interior work, and Neumann plans to put some money into the property to improve it, he says. Moffitt tells GlobeSt.com that Monte Vista Gardens is master-leased to an entity called One Step Closer. The property, which is 70% occupied, offers 46,992 sf of residential living. It has a mix of 44 studio units of 468 sf that rent for $450 per month and 44 one-bedroom units of 600 sf that rent for $475 per month.

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