75-Unit Bulk Condo Sale Yields $2M-Plus

75-Unit Bulk Condo Sale Yields $2M-Plus

By Amy Wolff Sorter | GlobeSt.com

A local investor has paid $2.6 million to acquire 75 units of the 92-unit Loma Bonita Apartments (aka Mountain View Manor). The seller consisted of 18 owners, the majority of which had taken title through foreclosure.

Loma Bonita, located at 1301 E. Mountain View Rd., was built in the mid-1980s and had been renovated for conversion in 2007. The units consist of two-bedroom, one-bath condominiums averaging approximately 800 square feet. The new owner is offering the units for sale as an entire package.

Natan Jacobs and Les Litwin with Vestis Group in Phoenix represented the sellers in the sale.  – more at globest.com

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