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$1M Value-Add Play Attracts SoCal Investor

PHOENIX-GD Investors Inc., an investment group from Costa Mesa, CA, gets the keys to Pierson Place Apartments for $1.3 million. The 28-unit, class C complex near Camelback Road is 93% occupied.

By Jennifer D. Duell | Updated on May 16, 2005

PHOENIX-An investment group from Costa Mesa, CA has made its second multifamily purchase in the Valley, paying $1.3 million for Pierson Place Apartments, a 28-unit property with a 93% occupancy.

“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.

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