Bruckal Group Scores Big with Farmers Ave Lofts Purchase of 6.7 Million!

TEMPEHOMESCONDOS.COM

Juan Pesqueira Tempe Realtor

480.458.8007

As they say the Rich get Richer and this just happened with the Bruckal Group who purchased Farmers Ave Lofts for $6.7 Million. 

Today AS IS with all 18 units anywhere from 2,300-2,600 square feet per unit selling in today’s market at $180 a square foot they would be looking to sell for $7,450,000 – $8,424,000 selling them off unit by unit.

 The Bruckal Group has done the right thing and will keep them as cash flow rentals for 3 years and then visit the selling option.  In three years I predict these units going up to $200-$220 or list them at $500,000 per unit.  No matter how you look at this purchase it’s a win win for this group and Tempe. Prices in Tempe have increased immensely in the past three months and will continue to increase steady throughout.  The location, lifestyle, amenities, and the University are the reason real estate in Tempe is always a win win plus it helps that Tempe continues to change daily.

Mill AVE Condos For Sale

Bruckal Group. purchased the Farmer Lofts, an 18-condo property located in downtown Tempe, for $6.65 million. The property was previously owned by Avatar Development Group LLC.

Bruckal partnered with Synergy Properties Inc. of Vancouver, British Columbia, to make the acquisition. They obtained financing from 1st Bank of Arizona.

This is Bruckal Group’s fourth purchase in the Phoenix market in the past 18 months.

“This is where we are actively investing,” said Steven Bruckal, vice president of Bruckal Group.

Each of the 18 luxury condo units is rented. The 3-level units are about 2,500 square feet.

“We are going to hold them as rentals for the next three years and once the condo market returns we will sell off the condo units individually,” Bruckal said.

The complex, built in 2007, includes six work/live units, and is located on Farmer Avenue, a few blocks away from Mill Avenue.

“That location in Tempe is great,” Bruckal said. “The market for apartments has gotten much better over the past year.”

DEVELOPERS NEED TO SELL YOUR CONDOS, CALL THE CONDO KING AND TEMPEHOMESCONDOS TODAY!

TEMPEHOMESCONDOS.COM

Juan Pesqueira Tempe Realtor

480.458.8007

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