Paradise Valley investor purchases $1.5M building

A view of Combine Studio. (submitted photo)

SVN Desert Commercial Advisors recently closed a $1.5 million deal on a mixed-use building renovation off Third and Garfield streets, in downtown Phoenix.

The property, Combine Studios, includes upscale studio apartments, space for Arizona State University’s Arts Residency Program, and a quaint Airbnb component, according to a press release

Property owners, Matt Moore and Carrie Marill acquired the property back in 2011 and spent the new few years converting the building into this mixed-use property in downtown Phoenix.

Justin Horwitz

“Our team was extremely excited about this particular opportunity,” said Justin Horwitz, in the press release.

Downtown Phoenix is a market that advisors Mr. Horwitz and Paul Borgesen III have focused heavily on for years, the press release stated.

“This property is great for the investors and a great story to tell,” Mr. Horwitz said in the press release, referencing the distinctiveness of the property characteristics and 6,300 square foot location.

The property is on Third Street only a few blocks from the Arizona Center, Sheraton Grand Phoenix, The University of Arizona College of Medicine, Arizona State University Downtown Phoenix, Symphony Hall and so much more.

The property received immediate offers from multiple buyers, but ultimately traded above the listing price to a investor with great intentions to continue operations as a steward for the building and the downtown Phoenix community, the press release stated.

The buyer Thomas Castleberry with Combine on Third, LLC is a local investor from Paradise Valley. Jason Privette with Premier Title Agency handled the sale transaction.

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