PHOENIX-Despite a generally slow market for multifamily properties, a private California investor has put the Peaks at Papago Park, a 768-unit apartment complex on the block for $70 million. The seller is Peaks Papago LLC, whose general partner, Papago Properties Inc. of Santa Ana, CA, is headed by James Carter, developer of the exclusive South Coast Winery Resort & Spa in Temecula, CA.

According to Kevin Hanford, a vice president and senior adviser with the Phoenix office of Sperry Van Ness, the Peaks at Papago Park at 815 N. 52nd St., is the sixth largest multifamily complex in the market and the largest one currently up for sale. He says Carter wants to use proceeds from the sale as equity to expand the resort. “He’s been focusing on that,” Hanford tells GlobeSt.com “This is a very large project to manage from out of state. It needs a company with a presence or building a presence in Phoenix.”

The project brochure describes the Peaks at Papago as a class A-minus asset in a class B-plus location. Hanford says the surrounding area is a high-growth employment area with several million sf of office and industrial space. “There’s going to be tremendous job growth once the economy revives,” he predicts. “This will be a very desirable place to live for the employees.” The complex is currently 80% rented, he adds.

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