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SoCal Couple Earns $2M for Last 29 Units in Metro

PHOENIX-The Bakersfield, CA couple hands off the 99%-leased Missouri Crest Apartments for $1.6 million to a Scottsdale, AZ 1031 exchange buyer. The new owner beats three other would-be buyers for the 43-year-old complex.

By Amy Wolff Sorter | Updated on March 29, 2006

PHOENIX-Following a two-month marketing period, a Southern California couple has disposed of the 29-unit Missouri Crest Apartments for $1.6 million.

Buyers Bela and Lilebeth Bobis of Scottsdale, AZ beat three other offers for the property at 1623 W. Missouri Ave. because they were local and flush with funds through a 1031 exchange. “They were a known entity in the market and could get through the escrow period quickly,” says Brian Smuckler of Marcus & Millichap Real Estate Investment Brokerage Co. in Phoenix, who represented buyer and seller, Christopher and Connie Burger of Bakersfield, CA.

Smuckler tells GlobeSt.com that the transaction disposes of the seller’s last asset in the metro. “They’ll probably concentrate on something out of state,” he says.

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