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20-Plus Offers Drive $6M Apartment Buy

PHOENIX-The class B-plus Rancho Encanto sells after sitting on the market for nine months and going in and out of escrow five times. A couple in a 1031 exchange makes the 144-unit close for $6.2 million.

By Jennifer D. Duell | Updated on May 27, 2005

PHOENIX-After falling out of escrow five times, the 144-unit, class B-plus Rancho Encanto passes to a couple from nearby Carefree for $6.2 million.

Paul and Rose Sharman, fueled by 1031 exchange funds, acquired the 22-year-old complex at 15615 N. 35th Ave. from a Los Gatos, CA-based partnership headed by Ron Tate. The Sharmans dovetailed the acquisition with the recent sale of three multifamily properties. As part of the exchange, the couple also acquired the 130-unit Loma Linda Gardens at 2925 N. Greenfield Rd. for $4 million.

“This complex is very clean and well occupied with beautiful landscaping,” Richard Butler, a senior investment associate with Marcus & Millichap Real Estate Investment Brokerage Co.’s local office, says about the 98%-occupied Rancho Encanto. He tells GlobeSt.com that Rancho Encanto received at least 20 offers during its nine months on the market. It finally traded at a 7% cap rate.

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