John Doug Arnold acquired the 1920 N. 32nd St. property from Pavel and Rozalia Cret of Mesa for $1.2 million after selling a single-family home in California. The complex is Arnold's first buy in Arizona, says Richard Butler, an investment adviser with Marcus & Millichap Real Estate Investment Co. in Phoenix.
"Arnold was looking for a stable building that didn't need a lot of work," Butler tells GlobeSt.com. "It's in pretty decent shape and has plenty of covered parking."
Built in 1981, Majestic Palms is located in the blue-collar East Valley. The complex has 20 one-bedroom units with 500 sf and four, 700-sf, two-bedroom apartments. Rents are $485 and $600 per month. "This is one of those investments where you sit on it and watch it appreciate," says the buyer's broker. Brian Smuckler, also in the brokerage house's Phoenix office, represented the seller.
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