Desert Commercial Advisors Vice-President and Investment Advisor Danny Lee represented the seller, Seacret Forum Group of Companies, in the $890,000 sale of Alexsi Apartments.

Sheila Hunter with Thomas Title & Escrow Agency handled the sale transaction.

The multifamily property is located at 2930 N. 38th St., which is less than a half-mile across the Tower Plaza Shopping Center, which was built back in 1958.

The original towers have been there since 1941 and everything was built around it.  Moving ahead almost 60 years, the area is surrounded by several multifamily properties and a large trade area of retailers that spread east and west along Thomas Road in Phoenix.

“The seller wanted to liquidate his multifamily holdings and this was the last of his properties,” Lee said.

The 13-unit property was put on the market at a great time.  The buyer, Jeffrey Greenberg with Running Brook LLC was in a 1031 Exchange and found the perfect fit with Alexsi Apartments.  Additionally, the buyer plans to reposition the property with moderate renovations around the entire property.