The 90%-occupied complex along 35th Avenue went to the owner of the Summerhill Place Apartments in nearby Glendale. The New York City-based Branch Realty secured a 10-year Fannie Mae loan with a fixed interest rate of about 5.6% and 30-year amortization in a deal packaged by Greg Miskovsky of Marcus & Millichap Capital Corp. and Alon Shnitzer with Marcus & Millichap Brokerage Services in Phoenix office. The financing cleared with an 80% loan-to-value ratio.
Shnitzer tells GlobeSt.com that motivation to sell was the profit to be made with the sale. Peter Katz, also with Marcus & Millichap in Phoenix, brokered the trade for seller, KC Venture Group of Kansas City.
Built in 1982, the complex consists of 174 one bedroom-one bath designs with 625 sf with a $500 monthly rent and 112 two-bedroom-two bath units of 875 sf and a $640 per month tab. No rehab is needed and the name will be kept, Shnitzer says of a property situated west of Interstate 17 and about a mile south of the two-million-sf Metro Center mall.
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