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97-Unit Complex Picks Up About $3M

MESA, AZ-A couple from Peoria buys the Arbor on Broadway for $100,000 less than the ask after it lingers on the market nearly two years. The complex passes to buyers who sold a repositioned property in the neighborhood just four months ago.

By Amy Wolff Sorter | Updated on July 26, 2005

MESA, AZ-Close to two years after being placed on the market, the 97-unit Arbor on Broadway has been sold to a couple from nearby Peoria for $3.4 million. The complex, which sits on a 1.78-acre lot, has brought $100,000 less than the ask.

Dorut and Floarea Caienar acquired the 660 E. Broadway Rd. property from Jack Hilton, principal of Anchorage Apartments LLC of Phoenix. Rich Butler, senior investment associate for Marcus & Millichap Real Estate Investment Brokerage Co. in Phoenix represented the seller while Manny Matache with West USA in Peoria negotiated for the buyer.

According to Butler, the property was listed by another company for $3.3 million. “There was a real focus on making the building saleable,” he tells GlobeSt.com, adding it was brought out at $3.5 million for its second run on the market. “They made sure there was a lot of fine-tuning going on over there.” Improvements in the market helped as well, he continues. “With the building, the occupancy improved and the numbers looked better,” he says.

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