A group of tenant-in-common investors headed by Erik Mattson of Portland, Oregon paid $2,475,000 ($42,672 per unit) to buy 58 unit condominium units within the 68-units Palos Verde Fairways condominium project located 6525 N. 15th Ave. in Phoenix.
The seller was a group of lenders headed by Jack Hilton of Hilton Financial Corporation, who had made a mortgage loan on the property when it was converted to condominiums.
The group subsequently acquired the property through a foreclosure.
The deal was brokered through Bill Hahn, Jeff Sherman and Trevor Koskovich (HSK) of Colliers International in Phoenix.
The property was acquired with a combination of cash and seller financing.
The complex was built in 1969, and consists of mostly two- and three bedroom units.