The 4937 W. Myrtle St. complex was the first apartment buy in the Valley for David Hamilton, CB Richard Ellis Inc.'s Phoenix broker Bert Kempfert tells GlobeSt.com. "It made sense," Kempfert says. "It's a good location, a good return and a good product."
Built in 1985, the 83,528-sf complex, comprised of several two- and three-story buildings near 51st Avenue and Northern, offers one- and two-bedroom units with outdoor amenities that include a pool, spa and covered parking. It is about 95% occupied.
Kempfert, who represented both parties in the sales transaction, says interest has been intense since the complex was put on the market for $5.1 million about three months ago by seller Eva Robertson of San Francisco. The interest, he said was spurred by the property's quality, consistently high occupancy levels and positive returns.
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