The buyer of record, ECAB LLC, acquired the 1970s-era complex at 1120 W. Broadway Rd. from Lowell and Rosalie McGrane of Palm Springs, CA. "Given the property's vintage, deferred maintenance, vacancy and location, this sales price of $50,000 per unit represents a new high for comparable buildings," says John Kobierowski, an associate partner with Phoenix-based Hendricks & Partners. He and Greg Thielen, senior investment adviser, brokered the transaction of the 80%-leased complex.
"The buyer made a full-price offer," Kobierowski tells GlobeSt.com. Dallas-based BMC Capital's Phoenix office arranged acquisition financing.
The 10-building Broadway Park consists of 14 one-bedroom units, each 700 sf, and 62 two-bedroom apartments with 900 sf apiece. Monthly rents range from $525 to $625.
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