"It didn't even hit the market," Tod Braun, with CB Richard Ellis Inc.'s Phoenix office tells GlobeSt.com of the Desert Wind apartments. Buyer Greater Phoenix Income Properties, which picked up Desert Wind's sister property, the 274-unit Desert Sky apartments at 4620 W. McDowell Rd. in an earlier $7 million purchase, bought 4140 and 4141 W. McDowell Rd. apartment complex from Andersen Plaza LLC of Vancouver, WA.
Braun said the new owner plans to renovate the complex and reposition it on the market."The new owner felt it was a good value-added opportunity," Braun said. "He felt a hands-on approach to ownership and management was what was required to turn the property around."
Braun represented the buyer in the transaction. The seller was self-represented.
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