"This was on the market for a matter of days, less than two weeks, in fact," says David Fogler, senior vice president with Grubb & Ellis/BRE Commercial LLC in Phoenix. "The buyer came in and moved very quickly, with few contingencies, which is why we selected her." He and colleague Steve Nicoluzakis represented both parties in the trade of the class B complex at 645 N. Country Club Dr.
Fogler tells GlobeSt.com that the buyer, who owns other multifamily properties in the area, is likely to put some money into renovation. But, he adds, "she never disclosed her direct plans or budget."
Built during the 1980s, the 6.7-acre Sandal Ridge Apartments was 90% occupied when the deal closed. The complex contains a mix of 24 studios, with 430 sf; 96 one-bedroom apartments, 650 sf; and 76 two-bedroom units, ranging from 800 sf to 815 sf. Rents run from $495 to $820 per month.
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