The complex, at 4002 E. Southern Ave. is the seller's sole area asset and the buyer's first acquisition in Phoenix. "The seller was a long-term owner, which is unusual in Phoenix," says David Fogler, vice president for Phoenix-based Grubb & Ellis/BRE Commercial. "But this is it for him in this area. I think he wants property closer to home." The seller is Phoeapts LP from Santa Monica, CA, which had Fogler and his colleague Steven Nicoluzakis marketing the asset.
Fogler tells GlobeSt.com that Southpoint, listed at $5.8 million, was marketed about four months and attracted a handful of buyers. "Price, terms and timing," he says of the win by Southpoint Apartments Inc. "It was the best offer we had overall."
Fogler says the new owner is planning to upgrade the 1985-constructed property. "Anytime you have a building like that, owned for 20-plus years, some improvements will be necessary," he adds.
Southpoint's occupancy is slightly more than 90%. It's a package of studio and one- and two-bedroom apartments. Units range from 391 sf to 833 sf; monthly rents are $479 to $649.
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