Estrella Produce Co., led by principal Curtis Farnsworth, picked up the Sunrise Apartments because of its "quality tenants" and good condition, Peter Katz of Marcus & Millichap tells GlobeSt.com. The two-story property, located at 1014 E. Spence near Apache and Rural roads, was built in the mid-1980s and features one- and two-bedroom units.
Seller Robert Aprahamian of Tempe had placed the property on the market just five days before Farnsworth came in with an offer, Katz said. The vintage apartment complex appealed to Farnsworth, Katz said, because they were 100% occupied and were not in need of major renovation. The property also is situated in a prime Tempe location within a few miles of Arizona State University and downtown Tempe. Katz represented buyer and the seller in the transaction.
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