22-Unit Monte Vista Pulls Nearly $2M in Off-Market Sale

PHIOENIX-Two California investors have traded the 22-unit Monte Vista Palms Apartments for $1.76 million in an off-market transaction.

Situated on just less than one acre at 3605 N. 36th St., seller David Courman of Brentwood, CA, had owned the property about 18 months when he asked Dan Dulin at Marcus & Millichap Real Estate Investment Brokerage Co. in Phoenix to test the market. “He said ‘hey, you bring me the right number and I’ll consider selling,’” says Dulin, a senior associate who represented both sides of the sale.

Buyer Madalaine Water of Romad Investments in Irvine, CA was looking for “pretty real estate,” Dulin tells GlobeSt.com. “I showed her the building, assumed she would pay a good price and it all worked out. The buyer and seller got along very well.”

Dulin says Water plans to invest up to $40,000 more to upgrade the 19-year-old complex. The 95%-leased asset has all two-bedroom units, averaging 850 sf, with monthly rents of $575 to $650 per month.