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Local Investor Drops $5M on MF Short-Sale

PHOENIX-A Scottsdale-based partnership has purchased the 144-unit Rancho Encanto Apartments for $5.3 million in a lender short-sale.

By Jennifer Duell Popovec | Updated on April 27, 2010

PHOENIX-A Scottsdale-based partnership has purchased the 144-unit Rancho Encanto Apartments for $5.3 million, all cash, in a lender short-sale.

Rancho Encanto Apartment Partners LLC acquired the class B, garden-style property from local owner, Rancho Encanto 35th Ave LLC. The seller was distressed, which forced the lender short-sale, says Steve Nicoluzakis, executive vice president with Cassidy Turley BRE Commercial. He and Dave Fogler brokered the sale.

Located at 15615 N. 35th Ave., Rancho Encanto Apartments is the first multifamily property the partnership has acquired in the area. The 1980s-era community has a unit mix of one- and two-bedroom units with an average size of 643 square feet and average rents of $625 per month. Amenities include a pool, fitness center, clubhouse and laundry facility.

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