Longtime client of SVN Desert Commercial Advisors sells one of his last Phoenix investments with one motivation – more investments in another city, which is the one thing in common with the buyer. New York multifamily owner and investor wanted to expand his portfolio in the Phoenix market and this 94,226 square-foot property sale was a great opportunity. SVN is pleased to announce the sale of the 96-unit property, Los Compadres Apartments for $4,560,000 off Dunlap Avenue in Phoenix.
The multifamily property is located at 3518 W. Dunlap Avenue. SVN’s multifamily investment advisor, Carrick Sears represented the Canadian seller, Pat Stojak in his first sale back in 2010 and again in 2013 when he sold him Los Compadres. Four years later Stojak now plans to look for more investments in the Tucson, AZ market. Stojak stated, “Partnering with SVN was a home run.” He continued to add that SVN’s marketing platform was able to elevate the listing on multiple platforms that created a “competitive bidding process, allowing us to get the best price possible.” Sears expressed, “We are excited that we were able to please the buyer and the seller while overcoming a few hurdles during the process.”
Some of the challenges extended the escrow period to over four months. However, once the Phase 1 & 2 Environmental reports were completed due to some neighboring underground tank issues, the deal transaction was expedited with Empire West Title Agency. Stojak added that the communication process and SVN’s proactive involvement was “superb!”
The buyer, Mark Spitz already owns 600 units in New York. “Working with SVN team was truly a pleasure. Their professional approach and impeccable honesty and willingness to work together provided us with the confidence we needed to close this transaction,” said Spitz. Arizona has a huge multifamily market and after examining the demographics in various markets, the buyer felt confident in entertaining a secure investment and low vacancy rate, with further upside potential.
Also a part of the multifamily team that worked on this sale transaction was senior advisor, Chip Kloppenberg, CCIM and SVN advisor, Vicente Cantua. “I am confident that we found the best buyer for this property by actively marketing this property to the entire brokerage community,” said Cantua who recently sold a 9-unit multifamily property only six miles away.