According to Kevin Hanford, a vice president and senior adviserwith the Phoenix office of Sperry Van Ness, the Peaks at PapagoPark at 815 N. 52nd St., is the sixth largest multifamily complexin the market and the largest one currently up for sale. He saysCarter wants to use proceeds from the sale as equity to expand theresort. "He's been focusing on that," Hanford tells GlobeSt.com"This is a very large project to manage from out of state. It needsa company with a presence or building a presence in Phoenix."

The project brochure describes the Peaks at Papago as a classA-minus asset in a class B-plus location. Hanford says thesurrounding area is a high-growth employment area with severalmillion sf of office and industrial space. "There's going to betremendous job growth once the economy revives," he predicts. "Thiswill be a very desirable place to live for the employees." Thecomplex is currently 80% rented, he adds.

Built in three phases from 1986 to 1996, the complex consists ofone-, two- and three-bedroom units ranging from 580 sf to 1,152 sf.Monthly rents go from $722 to $1,208.