The 175-unit, class B complex, which is 95% occupied, is located at 15050 N. 59th Ave.--across the street from Thunderbird, the Garvin School of International Management. "A portion of the residents attend Thunderbird," says David Fogler, a senior vice president with Grubb & Ellis/BRE Commercial LLC. He and partner Steve Nicoluzakis brokered the sale.
Built in 1986, Sun Creek Apartments is comprised of 11 garden-style buildings situated on 7.3 acres. It boasts 79 one-bedroom apartments and 96 two-bedroom units, averaging 787 sf. Rent averages $701 per month.
Fogler tells GlobeSt.com that Sun Creek Apartments was on the market 45 days, during which it received 12 strong offers--mostly from private investors. "We had good activity on the complex because it really fits what a lot of investors are looking for," he says.
According to Fogler, MG Properties had been looking for apartment assets in the Valley for several months before making an offer on Sun Creek Apartments. In particular, the asset's location and quality were attractive, he says. He adds the complex is in "very nice shape" and well maintained plus it's located in the Northwest Valley, one of the more rapidly growing areas in the metro area.
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