31-Unit Complex Trades for $2M Plus in All-Cash Deal

PHOENIX-An all-cash deal and no contingencies allowed a local private investor to acquire the 31-unit Tuckey Downs for $2.3 million.

Miroslav Stoyanov of Phoenix had to push $188,000 above the ask to win the 34-year-old complex at 1801 W. Tuckey Lane. Brian Smuckler of Marcus & Millichap Real Estate Investment Brokerage Co.’s Phoenix office says the offering generated seven offers in seven days.

“These were large townhouse units and a lot of interest came from condo converters and private capital apartment buyers as well,” says Smuckler, who represented the seller, Walter and Charlotte Berkman from Pacific Palisades, CA, The buyer ultimately came in with the best offer. “He came in with a large price. He’s in the market and a local buyer,” he tells GlobeSt.com.