98%-Leased Complex Brings $30,222 Per Unit

PHOENIX-A Los Angeles partnership has taken title to a 45-unit complex with a $1.4-million unsolicited offer that bought the new owners their second Phoenix multifamily property in two months.

Art Gleeson and his son, A. Greg Gleeson picked up the Newcastle Apartments for about $30,222 per unit in a deal with seller, Newcastle LLC, of Menlo Park, CA, Sharon Allen, with Coldwell Banker Commercial tells GlobeSt.com. “It was well located and it was realizing good occupancy at 98%,” Allen says of the 2936 N. 34th Place property. “It was a very clean property beautifully maintained and very well landscaped. It looked like it was going to be a good investment overall and one that would maintain itself without a lot of ups and downs.”

Allen says the complex, comprised of 14 studio and 31 one-bedroom apartments that rent for $425 to $525 per month, was the second purchased by the Gleesons in the past two months. The father and son investors also purchased the 32-unit Portland Manor at 744 E. Portland St. in Phoenix for about $35,000 per unit, she says. Allen represented the buyers and the seller’s interests were handled by Bill Horvath of Investment Brokers in Phoenix.