Neil Sherman and Carrick Sears, multifamily specialists in the Phoenix office of Sperry Van Ness, negotiated the $2,825,000 sale of Country Aire Apartments located at 1701 N. Palo Verde Dr. in Goodyear, Ariz.
The buyer, Univest, Inc of Newport Beach, Calif., purchased the 60-unit complex from Industrial Alliance Pacific Insurance & Financial Services Inc. Sherman and Sears represented both parties in the transaction.
Country Aire Apartments is a condominium community developed in 1982 which has historically been operated as a rental apartment complex. The property is individually metered for electricity and all units except one are two bedroom, one bath flats.
“Industrial Alliance foreclosed on this asset in early 2012, and subsequently invested quite a bit of time and money into improving and repositioning the property. At the time of sale it was arguably one of the nicest rental communities in that submarkett,” says Sherman.
It was announced Monday that Summit Holdings, LLC, bought Palmera Apartments. The 64-unit multifamily complex is located at 6625 North 17th Avenue in Phoenix, AZ and sold for $2.305M or $46.44 per SF.
Palmera Apartments is currently 95% occupied and the property was recently renovated. The complex consists of 27 one-bedroom units and 37 two-bedroom units.
Neil Sherman and Carrick Sears, multifamily specialists in the Phoenix office of Sperry Van Ness, represented the buyer.
“This was not an easy transaction as there were multiple issues involved. We were delighted to have Carrick Sears and Neil Sherman on our side during multiple rounds of difficult negotiations,” said Alfred Harutunian of Summit Holdings, LLC. “By providing creative thinking and sheer determination, Carrick and Neil were able to overcome a number of obstacles and somewhat unreasonable expectations which existed and get the deal closed.”
The Seller, CalCap Advisors, was represented by Ryan Ash of ARA.