"This property represented a value-added opportunity in a solid central Phoenix location," says George Bustamante of GD Investors Inc., the new owner of the class C complex at 365 W. Pierson St., positioned on just under one acre near Camelback Road.
Built in 1958, the garden-style complex is made up of eight one-bedroom units and 20 two-bedroom units. The average unit is 776 sf; rents range from $575 to $675 per month.
According to Bustamante, GD Investors is actively searching for several more apartment investments in the Valley. "Although this market was depressed for the past several years, it's now poised to boom based on rising home prices and strong employment," he says.
Brian Smuckler and Ryan Ash with Marcus & Millichap Real Estate Investment Brokerage Co.'s local office represented the buyer. The Alan C.K. and Marina L. Ong Trust of Honolulu had Dan Dulin of Marcus & Millichap's local office running the listing.
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