1031 Exchange Backs $2M Multifamily Sale

MESA, AZ-The 44-unit Mesa Mountainview has sold to a California investor for $2.2 million, closing $200,000 below the listing price. The asset’s appeal was a 100% occupancy and lack of maintenance issues.

“We had it on the market for about 45 days and received a handful of offers. The fact that the buyer had a 1031 motivation was really key to this deal,” Todd Braun, a senior director at Cushman & Wakefield of Arizona Inc.’s Phoenix office, tells GlobeSt.com.

Eva Lau of Los Angeles emerged the winning bidder for the 830 N. Alma School Rd. property, obtaining acquisition financing at 75% of the purchase price and filling in the balance with 1031 Exchange funds. The complex contains 17 one-bedroom apartments and 27 two-bedroom units. Monthly rents range from $525 to $625.

Braun and C&W’s Paul Gross represented the seller, Jerry Matthews of Marina Del Rey, CA. Linda Gerchick of RE/Max Scottsdale negotiated for the buyer.