Boasting the highest offer and strongest balance sheet, JRD Management beat out seven other prospective buyers, according to Alon Shnitzer, an investment broker with Marcus & Millichap Real Estate Investment Co.'s local office. He and Peter Katz brokered thesale of the 95%-leased complex at 6441 W. McDowell Rd.
"The complex was attractive to buyers because it offered a low price per unit and no deferred maintenance," Shnitzer tells GlobeSt.com. "It is a clean, well-maintained property."
Stonybrook, positioned on 7.2 acres close to Interstate 10, contains 172 one-bedroom units, ranging from 540 sf to 676 sf, and 60 two-bedroom apartments with 927 sf. Rents range from $510 to $690 per month.
JRD Management put new financing on the complex. It obtained a 10-year, fixed-rate loan from Fannie Mae, Shnitzer says.
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