La Villa Apartments recently sold for $1,000,000 or $33,333K per unit, which is a great considering the 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. 15th 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. After all, 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.
“I represented the buyer and the seller, so it made the communication between my clients much easier than this possibly could have been.” Lee explained that the seller was still happy with the final transaction, which was handled by Nikki Leonard with Intravest Title Agency.