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.”
Story by Danielle Verbrigghe