Danny Lee has been an instrumental role in building the multifamily team dynamics over the years at SVN Desert Commercial Advisors. Historically, Lee’s energetic selling style has proven to be effective in previous years and this year is not any different. A couple months ago, he closed a multifamily property for a little over $1.2 million in Mesa. Just a couple of weeks ago, he represented both parties in the sale of The Cottages on Hayward in Phoenix.
The property is located at 2021 W. Hayward Ave. in Phoenix, AZ. This 29-Unit apartment complex sold for $2,685,000 totaling 24,760 square-feet. The ninety-day escrow was an off market transaction in which Lee represented the seller, Income Property Investors/JK Investment Properties, LLC. He also represented the buyer Kaiser Properties, LLC. The deal simply was chalked up to a matter of timing for the 1031 exchange transaction. Lee stated, “The buyer will perform light renovations to the property to build up its value.”
Cottages at Hayward has some unique property highlights, including the single-story, Cape Cod style building that is comprised of only 2-bedroom units, which sold at $98.783 per unit, $122 per square-foot. Tanya Whitley with American Title Service Agency handled the transaction.