Cushman & Wakefield of Arizona, Inc. completed the $4.9 million sale of Villa De La Paz Apartments, 6041 W. Thomas Rd.
The eight-building apartment complex was constructed in 1983 and contains 103 units totaling 82,701 square feet ($59.25 PSF). The property currently boasts 90 percent occupancy.
Maryland Gardens Investors LLC of Phoenix purchased the property from Superior Estates LLC of Tumon, Guam.
“The buyer liked the characteristics of the property, and it fit within their 1031 requirement,” said Brett Polachek, Director in the Multifamily Advisory Group with Cushman & Wakefield. A 1031 exchange allows an investor to sell a property, reinvent the proceeds in a new property, and defer all capital gain taxes.
Polachek and Jim Crews of Cushman & Wakefield successfully marketed the property for sale and represented the seller, Superior Estates. The buyer was represented by Tony Werstler of Solutions Real Estate.