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Title Passes on 60-Unit Complex for $3M

PHOENIX-A private investor from Los Angeles skates past seven other prospective buyers for Santorini Villa, a class C complex with a 92% occupancy. The $3.2-million offer wasn't the highest, but got the nod for its certainty to close, the broker says.

By Jennifer D. Duell | Updated on May 06, 2005

PHOENIX-A private investor from Southern California has emerged with the winning bid for Santorini Villa, a 60-unit, class C complex near the Scottsdale border. The $3.2-million offer wins a 92%-leased complex for a long-term plan.

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.

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