Brookhill purchased the property from Eagle Children's Trust of Palo Alto, CA. Brett Polacheck, a broker with the Phoenix office of CB Richard Ellis, tells GlobeSt.com that the trust had owned the property since 1988. He says the complex never came to market; instead a private deal was reached between buyer and seller. The average unit in Southbank is 804 sf with an average monthly rent of $656.
Brookhill will use Southbank as an investment property. The buyer purchased the complex using funds from a 1031 tax exchange. Polachek did not know what investment property Brookhill sold in the 1031 exchange, but did say that Brookhill owns other multifamily properties in Tempe and Phoenix. He attributes the recent rash of multifamily sales in metro Phoenix to investors finding better returns in the Arizona market than elsewhere.
Polacheck and Todd Braun, also of the Phoenix office of CB Richard Ellis, represented Brookhill in the transaction. Larry Hull of Advanced Properties Management Inc. of Tempe negotiated on the seller's behalf.
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