California Couple's Shopping Spree Nets Them Two Apartment Complexes

PHOENIX – A Bakersfield, CA, couple picked up two well-maintained apartment complexes here recently for $1.7 million, giving them buildings that are more than 90% occupied near one of the city’s future light rail transit stops.

In their first foray into the Phoenix market, Christopher and Connie Burger acquired title to the 29 unit Missouri Crest apartments and the 14 unit Granada Gardens complex in a simultaneous deal with seller Jim Fisher of Sun Lakes.

“They liked the fact that both of these complexes are near the Spectrum Mall, where a future light rail stop will be,” Brian Smuckler, with Marcus and Millichap said of the buyer’s.

Missouri Crest, located at 1623 and 1625 W. Missouri Ave., sold for $1.105 million. The property, a mix of one- and two-bedroom units with large floor plans and rents ranging from $450 to $575, had three vacancies at the time of sale.

The single-story Granada Gardens at 2001 W. Morton Ave., which had only one vacancy, is comprised of two bedroom units that rent for $575 per month.

Both properties sold just one week after being put on the market. Smuckler represented both the buyer and seller in both transactions.