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L.A. Buyer Pays $2M for 40-Unit Asset

PHOENIX-The class B Villa Mira Monte attracts three offers before selling to a private investor from Los Angeles for $2.1 million. The Portland, OR-based seller carries a $970,000 loan and provides a three-month rent guarantee for the buyer.

By Jennifer D. Duell | Updated on April 26, 2005

PHOENIX-A private investor from Los Angeles has beaten out two other potential buyers to claim Villa Mira Monte, a 40-unit, class B complex in a $2.1-million sale for a Portland, OR-based seller.

Situated on 2.1 acres at 1737 W. Desert Cove, Villa Mira Monte is comprised of 10 garden-style buildings. “This is a class B property in a C location,” says Kevin Hanford, an adviser with Sperry Van Ness’ local office. “This is a challenging area in Phoenix withhigher vacancies.” He and Julie Vaughn, also with Sperry Van Ness, brokered the deal. Hanford tells GlobeSt.com that Villa Mira Monte received three offers. “It’s a beautiful property,” he says. “And there’s upside in the rents of about $75 per unit.” Built in 1988, the two-bedroom units, each 850 sf, reel in $525 per month.

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