Located at 14203 N. 19th Ave., the complex was listed by theseller, Sungate Properties LLC of Woodland Hills, CA for $6.5million, with the nod ultimately going to Moon Mountain PartnersLLC of Glendale, AZ. The buyer plans to convert the1981-constructed property into condominiums, investing an estimated$12,000 to $15,000 per unit during the process.

Todd Braun, senior director with Cushman & Wakefield ofArizona Inc.'s Phoenix office, tells GlobeSt.com that the deal,which attracted a fair amount of interest at the $6.5-million ask,spent two months in escrow before it closed. "The seller had anoption to extend because he had to pay off an existing loan," saysBraun, who with colleagues Brett Polachek and Jim Crews brokeredboth sides of the transaction. The seller, planning a 1031 exchangewith the gain, is seeking out other properties in the area. As forthe buyers, Braun says "their earnest money was going hard in ashort time, plus they had a good track record. We felt pretty goodabout them."

Situated on 6.2 acres, the 90%-leased Sungate Apartments has aguest suite, studio apartment, 55 one-bedroom units and 56two-bedroom apartments. Units average 751 sf; and rent averages$597 per month.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.