Search
 

Investor Picks Up Value-Add Asset for $4M

MESA, AZ-Timmer LLC moves in with a turnaround plan for the 85%-leased, 80-unit Shadow Run Apartments in the downtown's redevelopment area. The deal closes with $200,000 from the seller to help cover some repair costs.

By Amy Wolff Sorter | Updated on August 11, 2005

MESA, AZ-A limited liability company from Phoenix has paid $25,000 less than the $3.75-million ask to take title to the 80-unit Shadow Run Apartments. The buyer also received about $200,000 to help with repair and maintenance costs on the property.

Sperry Van Ness in Phoenix worked both sides of the transaction, with Danny Lee representing the buyer, Timmer LLC, and Eric Guina, Neil Sherman and Rue Bax on hand for the seller, Shadow Run Apartments LLC, from Southern California. The apartment complex, located on 2.7 acres at 56 N. Extension Rd. in Downtown Mesa’s redevelopment area, is 85% leased. According to Lee, a senior investment adviser with Sperry Van Ness, the new buyers plan to “clean it up and get the property moving in the proper direction,” he says, adding the seller kicked in $60,000 toward repair costs.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.