"There were several full price offers, but the buyer was an existing owner in the market with a proven track record for performing and was willing to give the seller time to locate an exchange property," says Brian Smuckler, a director with Marcus & Millichap Real Estate Investment Brokerage Co.'s National Multi Housing Group. The 9231 N. 99th Ave. property traded at a 7% cap rate.
Smuckler represented Brook Hollow Management in the transaction. Darrell Moffitt of Marcus & Millichap's Phoenix office represented M.F. Vukelich of Orinda, CA.
Smuckler tells GlobeSt.com that Brook Hollow received five offers in a 60-day marketing sweep. "The property has a stable tenant mix with very high historical occupancy," he says, adding only one unit was vacant at closing. Built in 1984, Brook Hollow's two-bedroom units range from 880 sf to 895 sf while the monthly rent goes from $615 to $660.
Smuckler says the complex is located in one of the most desirable areas of the city. It is adjacent to the Sun City Retirement Community and close to the newly developed NHL hockey arena and football stadium.
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