SVN Desert Commercial Advisors recently announced the SVN year-end awards at the SVN Holiday Christmas party at the traditional American eats & craft beer brewery in Central Phoenix. As a full service commercial real estate brokerage firm, the 20 plus SVN CRE advisors cover the entire metropolitan area in Phoenix and areas across northern and southern Arizona. The Arizona “winter” months have not stopped any of these advisors in the deal-making process. They all continued to work hard throughout the entire year, but for two advisors they received the honor of recently being acknowledged for the most publicly recognized ‘Deal of the Year’ with Desert Commercial Advisors.
Senior Advisor Carrick Sears and Associate Advisor, Vicente Cantua was awarded the SVN ‘Deal of the Year’ for the sale of Los Compadres Apartments in Phoenix. The property sold for $4,560,000 at a 7% cap rate. The 94,226 square foot building sale was a unique property that presented several opportunities and also a few challenges along the way. The value-add property located at 3518 W. Dunlap Avenue would give the new owners a chance to renovate the outdated units in an area of Phoenix where the rents were continually increasing year after year.
The advisors, Sears and Cantua were also up against its previous history that included deferred maintenance, a master lease on the entire property which required a special property manager, and a uniquely odd layout that included condominiums that looked like part of the apartments which subsequently caused many buyers to walk away. Ultimately, the SVN’s unique and nationally recognized marketing and PR platform of exposing listing details to the widest audience was the catalyst in finding new buyers to create a bidding war for the property. Through the negotiations a buyer from New York surfaced and paid full price for the multifamily property. The challenges that Sears and Cantua were one facing began to subside as a result of finding resolutions of the initial setbacks. The new renovations on the condos began that helped Los Compadres’ overall aesthetic appeal and the Phase 2 of the environmental report referencing the past gas leak that occurred in 2013 by the adjacent gas station had no impact on the property. As a an end result, the property was sold all the parties involved were happy with the sale transaction.
Phoenix Ale Brewery Central Kitchen owner, Richard Stark and his staff provided excellent service to SVN and their guests. The General Manager Justin Madsen made sure all the details were in order. “Rich and his staff were so welcoming. They really went through the extra efforts to make sure everyone was taken care of throughout the event,” said Director of Marketing & Administration, Melissa Swader. While there were many other awards announced during the event, Vicente Cantua’s acknowledgements still continued. Cantua also received ‘Prospector of the Year’ for his hard work and dedication to coming into the office and putting forth the efforts in building his business. “Vicente demonstrated the tenacity and followed through in his business development goals all year long,” said Managing Director Perry Laufenberg. Carrick Sears also followed up the second year in a row by closing over $10 million in transactions for the year and is a two-time recipient in the ‘Ten-Million Dollar Club’ at SVN Desert Commercial Advisors. “We were really proud to give out so many awards this year. Our advisors work so hard for our clients and at the end of the year, it is nice to acknowledge them individually in front of their colleagues, spouses, and friends for all they do throughout the year,” said Swader.
SVN’s Danny Lee closes back-to-back sale
Another multifamily sale is recorded this year for the multifamily investment advisors, Danny Lee. Lee has closed several deals this year under a 60-day escrow. SVN Desert Commercial Advisors is a full service brokerage however Danny Lee is one of the most knowledgeable advisors in the multifamily market and specifically concentrates in this area.
Bakers Apartments just sold last week for $854,000 at $101 per square feet and $61,000 per unit. Lee represented the seller, Victor and Donna Quintana with Top Coat Finishing from Phoenix and the Tempe buyer, Nathan Reid with Capital Allocation Partners. The sale transaction was in escrow for 60 days. This single-story block construction 8,400 square foot property made up 14 units and is individually metered for electricity. The property is located at 3002- 3008 N. 39th St in Phoenix. The Quintana family owned the multifamily property for 22 continuous years and the new buyers intend to completely overhaul the property.
Danny Lee stated, “Nathan Reid is a local experienced investor who specializes in buying properties in the Biltmore & Arcadia area to modernize his new investments.” Lee expressed the buyer and seller was extremely diligent to ensure a smooth transaction from start to finish. Marie Arce with Chicago Title Agency in Phoenix handled the transaction.
