SVN Desert Commercial Advisors continues to list and sell within the metro valley area as demonstrated by the recent sale of Grovers East in Phoenix.
With the driving force in job growth and strong relocation movement, according to a press release, there are many out-of-state investors looking to take advantage of the market.
SVN Desert Commercial Advisors Vice President/Investment Advisor Danny Lee represented the seller in the transaction as Grovers East sold for $3,800,000 in Phoenix to Grovers East, LLC from Seattle, Washington, the release said.
The 21,600-square-foot boutique property, hidden in the northeast valley at 1641 E. Grovers Ave., consists of 30 units. The mix of 1 and 2 bedrooms sold for $126K per unit.
“The buyer will perform some light renovations and planning to install washers and dryers,” said Mr. Lee in a prepared statement.
“It was a smooth and seamless transaction.”
With the value-add property, the buyer will be able to increase rental revenue in upcoming months with the additions, said the release.
Noted as an “experienced investor to the Phoenix area,” the buyer sought to get better returns on the investment coming into Phoenix on a 1031 Exchange, the release added
The escrow period was 35 days from start to finish with the all cash buyer, according to the release.