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 “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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


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


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.