Case & Associates of Tulsa, OK sold the 22-year-old complex to Eagle Investments of Huntington Park, CA. With the sale of Trails East Apartments at 1653 S. Harris Dr., Case & Associates has exited the Phoenix market.
"It was really a great match because Case wanted to focus on properties in Oklahoma and Eagle was looking for a way to enter the market," Bruce Hanley, a multifamily specialist with NAI Horizon's Phoenix office, tells GlobeSt.com. Hanley worked with Max Heidenreich with NAI Commercial Properties in Tulsa to bring buyer and seller together.
The 93%-occupied Trails East Apartments is comprised of 13 garden-style buildings on 10 acres. It features a mix of 112 one-bedroom, each 650 sf, and 97 two-bedroom units of 900 sf. Monthly rents range from $509 to $615.
"This complex allows Eagle to step right into a situation where there is already cash flow and a well-run property," Hanley says. The new owner plans to invest about $300,000 into repairing roofs and parking lots. "It's not really a value-added opportunity, this is just regular maintenance," he explains.
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