The new holding of KMS Management Inc., based in St. Louis Park, is located south of 43rd Street's intersection with Cactus Road, near the border to Glendale. Less than a mile away is the West Campus of Arizona State University and within two miles is American Graduate School of International Management, Glendale Community College and Metrocenter, a regional mall. Interstate 10 lies two miles to the east.That part of the Valley has seen a resurgence of commercial development, especially office development, in the past four years. The opening of Loop 101, which ties into Interstate 17, connects the West Valley and north Phoenix with the Valleywide freeway system for the first time.
The price of the 17-year-old complex, which breaks down to $65.10 per sf, is well above the average that had been paid for comparably aged complexes during this year's first quarter, according to a report by Hendricks & Partners, an apartment advisory firm. The average is just over $36,000 per unit or $54.57 per sf. Last October, KMS Management had purchased Phoenix's Cedar Ridge Apartments. Broker Bert Kemfert of the Phoenix office of CB Richard Ellis has negotiated the transaction for the seller.
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