UK Capital, a 1031 Exchange buyer from San Diego, picked up the Sierra Pines apartment complex just 30 days after it went on the market, paying the full asking price for the 90%-occupied complex at 9410 North 31st Ave. in Phoenix. "It was in pristine condition," Mark Forrester in the Phoenix office of Hendricks & Partners tells GlobeSt.com of a property, which sits on a ring road for one of the largest regional malls in the Valley. "He got a good buy, but we got the price we were asking."
CTA Venture 1 LP of Dublin, OH, which sold the 1983-vintage apartment community, will use the proceeds to invest in other Valley complexes, says Forrester, who negotiated the transaction.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
