Built in 1981, the complex at 14020 N. Black Canyon Highway was listed for $10.15 million by the seller, Northwood LP of West Springfield, MA. "The buyer came in with an offer slightly below the list price, but we negotiated him back up to $10 million," says Todd Braun, a senior director in Phoenix for Cushman & Wakefield Co. of Arizona Inc. The C&W team also included Jim Crews and Brett Polacheck. The buyer, Dr. M.T. Alinaizee of Corvalis, OR was represented by Vaddi Reddy of R&R Investments in California.
"The buyer was known to us," Braun tells GlobeSt.com. "We'd sold him another property and we trusted him." The buyer's other area holdings are the 199-unit Las Vistas at Tropica Park and 400-unit St. Anne Marina.
Canyon Springs Apartments, with an occupancy hovering 95%, contains 131 one-bedroom units, 590 sf to 618 sf; and 73 two-bedroom apartments with 868 sf to 899 sf. Rents run from $510 to $700 per month.
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