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Investor Acquires Two Multifamily Apartment Complexes in Phoenix

Bell Villas 28, Siesta 16 Sell for a Combined $6.8M
December 5, 2017
Investor Richard Trull of Vancouver, WA acquired two multifamily properties in North Phoenix from builder Key Construction, which disposed of the assets as the down leg of a 1031 exchange.

Bell Villas 28, consisting of 28 units, sold for $4.4 million, or $157,000 per unit. Siesta 16, consisting of 16 units, sold for $2.4 million, or $150,000 per unit. At the time of closing, both properties were 100 percent occupied.

Bell Villas 28 delivered in 2016 and totals 33,880 square feet across four buildings on 1.9 acres. Siesta 16, delivered in 2015, totals 17,600 square feet in one building on one acre. Both properties are located in close proximity to the Loop 101 and I-17, providing easy access to all parts of Phoenix.

Bryson Fricke, Ryan Boyle and Todd Braun of Lee & Associates acted as dual agents on both deals.

Please see CoStar COMPS #4051938 and #4051936 for more information on these two related transactions.
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