Low Sale Price For Multi-unit Apartment Complex

Image from azbigmedia.com

Hard to say if the expansion of Valley Metro Light Rail is producing higher property values along the new public transit path. 
The location where The Landmark Restaurant was at the corner of Main Street && Extension sold for just under $1 million. Going past that on light rail the other day the property appears unkempt with a broken window . . .
The contentious property transfer of Mesa Royale Mobile Home Park was done with a 42% reduction in the sales price of $4.2 million originally asked for by LRA Associates.
Today it was reported in AZ Big Media that Excel Real Estates, Zong-fu Li, principal, paid $3,800,000 ($41,304 per unit) to buy the 92-unit Warren Park apartments located 1433 W. University Dr. in Mesa, Arizona. Wyoming Blvd - one block north of the LRT route.
Other than low negotiated sales prices, one of the things in common with these two [and other] transactions is that the sellers are family trusts.
In the case of Mesa Royale property on west Main Street - directly on the light rail route - it was the Gene Ham Family Trust.
The seller of Warren Park Apartments shown in the image above was The Frank and Joanne Warren Trust, c/o Warren Properties of Rancho Santa Fe, California. [they obviously retired well]
The deal was brokered through Bill Hahn, Jeff Sherman and Trevor Koskovich (HSK) of Colliers International in Phoenix.
Maricopa County records show the buyer acquired the property with a new loan issued by Opus Bank. The financing was arranged by Brandon Harrington and Matt Steffen of Walker & Dunlop of Phoenix. The complex was built in 1977.