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1031 Exchange Buyer Closes All-Cash Deal for 20 Units

PHOENIX-An Agoura, CA couple plunks down $1.27 million for the Mountain View Acres Apartments, a 91%-leased asset that brought within $300,000 of its ask. The seller, also eyeing an exchange, wants to deploy its gain into SoCal.

By Amy Wolff Sorter | Updated on October 03, 2005

PHOENIX-As part of a 1031 exchange on both sides, a California couple has acquired the 20-unit Mountain View Acres Apartments for $1.27 million from Covina, CA-based 1346 L&W LLC, which sold its last asset in the Valley.

The class C complex at 1346 E. Mountain View Rd., listed for $1.3 million, attracted five offers within the first week of marketing, according to Brian Smuckler, senior associate director in Phoenix for Marcus & Millichap Real Estate Investment Brokerage Co. The winning offer came from Brent and Pamela Saunders of Agoura Hills.

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