THOUGHTS & PARTNERS FOR 45 UNIT APARTMENT COMPLEX DEAL - AZ

[Hannah Hammond]

Hey BP friends!

I was just informed about an off market, 45 unit, vacant apartment complex in Glendale, Arizona. The complex sold in 2005 for $2.4 million. $1.9 million is still owed but a deal has been worked out with the bank and they have agreed to accept less. Asking price is $1.5 million, seller willing to carry for a 2-3 years while it's being re-positioned, 20-25% down.  They were planning to list it on loop net tomorrow.

What are your thoughts on the deal? 

If I move forward, I will be bringing in partners for the funds. If you would like to know more about the deal please private message me. Thank you!