Dr. Michael Eilbert of Los Angeles acquired the 19-year-old complex, positioned on two acres at 1207 N. 48th St., from Jack Konopski of Real Life LLC in Phoenix. Santorini Villa received eight offers, says Richard Holway, a director with Marcus & Millichap Real Estate Investment Brokerage Co.'s local office.
"This is a class C building in a B location," Holway says. "It's close to Scottsdale and has good access to Loop 202." He adds most prospective buyers were attracted to the complex's location and physical condition. "The property is in good shape with not alot of deferred maintenance," he says.
Holway tells GlobeSt.com that Eilbert wasn't the high offer, but was awarded the deal because the seller thought he had the highest probability of closing. "Because this buyer already had a presence in town and didn't put any contingencies on the deal, he got it," he says.
Santorini Villa has 32 one-bedroom units, each 569 sf, and 28 two-bedroom apartments with 850-sf floor plans. The units rent for $525 and $660 per month.
"This is more of a buy and hold investment than a value-added play," says Holway, the seller's broker. Eilbert was represented by Gloria Tirone of United Arizona Commercial in Phoenix.
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