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108-Unit Hidden Village Bags $6M Plus

PHOENIX-Private investor Don Flayton of Chicago buys the Central Phoenix multifamily asset for $50,000 below the list, using 1031 exchange funds to complete the close. The class B Hidden Village was 95% leased at sale time.

By Amy Wolff Sorter | Updated on August 26, 2005

PHOENIX-A private investor from Chicago has acquired Hidden Village, a 108-unit class B complex, for $6.45 million from a local limited liability company.

Hidden Village, located at 1901 E. Osborn Rd., was on the market for 30 to 45 days for $6.5 million. “We received about 10 to 12 offers on the property, but the buyer was involved in a 1031 exchange and we felt he’d done his due diligence in advance,” David Fogler, senior vice president with Grubb & Ellis/BRE in Phoenix, tells GlobeSt.com. “He was the best prospect when it came to closing and a competitive price.” Fogler, teaming with colleague Steve Nicoluzakis, adds that, to his knowledge, neither the buyer nor the local seller, NNC Apartment Ventures LLC, has any more deals pending in the area.

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