Cut-Rate, All-Cash Bid Wins Old Town Asset

SCOTTSDALE, AZ-A 17-unit vacant complex within walking distance of Old Town Scottsdale has been sold to a private investor for $1.15 million, a below-market rate for its location. The new owner plans to invest $15,000 per unit into rehabbing the vintage complex, Kalarama Apartments.

Jahangir Hashemi of Glendale, AZ acquired the asset at 4002 N. Kalarama Ave. for $67,000 per unit from Kalarama LLC of Phoenix. In its neighborhood, the bare minimum for buy-ins is $80,000 to $100,000 per unit.

“This was a quick cash deal, reduced in price because the seller was halfway through a substantial rehab project and ran out of money,” explains William Hahn, managing director of Sperry Van Ness in Phoenix, who teamed with adviser Trevor Koskovich on behalf of the buyer. “The buyer liked where it was and it was cheap so he bought it.”