SVN sells Grovers East Apartments in Phoenix for $2.65M

SVN announces the sale of Grovers East Apartments in Phoenix for $2.65M in this off market transaction.

The seller was represented by SVN advisor Danny Lee, recognized in the valley among the most knowledgeable multifamily advisors in commercial real estate, according to a press release.

Mr. Lee closed more than $74,000,000 in multifamily sales during his tenure with SVN Desert Commercial Advisors. The release said he represented the seller, Victor and Laverne Houze with Augusta Springdale, LLC and the first-time buyer in the transaction, Henry Chung with Euphoria Capital, LLC from Westminster California.

The sale transaction was in escrow for approximately 90 days. This 21,600-square-foot property made up 30 units with a mix of one and two bedroom with separate meters for electric use, the release said.

The townhouse style units, at 1641 E. Grovers Ave., had the same owners for more than 12 years, the release noted. The property was “well managed and maintained” when it sold for its full asking price.

The new owner, Mr. Chung will perform light renovations to increase the rental revenue in time, the release said. The new property will have new washers and dryers added.

 

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