Deal Tracker: Retail and Mutifamily

PHOENIX— In this edition of Deal-Tracker, La Villa Apartments recently sold for $1 million or $33,333 per unit consideringthe apartments sold for $50K less than the original asking price.  Vice president of Sperry Van Ness, LLC, Danny Lee represented both the buyer and the seller in this multifamily sale.  The property is located at 4117 N. 15^th Ave. in Phoenix, which is in the central phoenix corridor near the Phoenix light rail system.

We all know that every prospective buyer wants to look at rent rolls and profit and loss statements prior to the purchase.  This factor, among others is detrimental in the decision-making process. The property listing was listed for sale a little over one million dollars. The challenge with this transaction was the seller did not keep updated accounting records of the property history.  As the prospective purchase came to a head, the agreement was a price reduction and the buyer was satisfied.