With multifamily investments still thriving in the valley, Desert Commercial Advisors continues to represent sellers and buyers looking for low cap rates and viable investments. SVN Vice-President and Investment Advisor, Danny Lee represented the seller, Seacret Forum Group of Companies in the sale transaction for $890,000.00. Sheila Hunter with Thomas Title & Escrow Agency handled the sale transaction.
The multifamily property is located at 2930 N. 38th St., which is less than a half-mile across the Tower Plaza Shopping Center that was built back in 1958. The original towers have been there since 1941 and everything was built around it. Moving ahead almost 60 years, the area is surrounded by several multifamily properties and a large trade area of retailers that spread east and west along Thomas Road in Phoenix. There are not a lot of properties out there on the market that are for sale like Alexsi Apartments. Lee stated, “The seller wanted to liquidate his multifamily holdings and this was the last of his properties.”
The 13-unit property was put on the market at a great time. The buyer, Jeffrey Greenberg with Running Brook LLC was in a 1031 Exchange and found the perfect fit with Alexsi Apartments. Additionally, the buyer plans to reposition the property with moderate renovations around the entire property.
On the other side of town, Danny Lee was also involved in another multifamily with Associate Advisor, Vicente Cantua. Just recently, they sold a 4-Plex property at 7132 N. 66th Drive in Glendale to Larry Navarette with Nova Home Loans for $188,000.00. More impressively, the total transaction from beginning to its final close date was exactly 30 days. “The buyer already had in-depth knowledge of how to create value with the property from previous experience,” said Cantua. “I was calling owners in the area that owned smaller multifamily properties and just happen to call another agent whose client was looking for the very kind of structure we were selling so we all made the deal happen.” The sale transaction was finalized by Deanna Lee with First Arizona Title Agency.