PHOENIX-Close to two years after snagging the Belaflora Apartments for $16 million, the Seattle-based S-J Management has sold the 185-unit complex for $21.3 million to a condo converter from San Diego.
S-J Management had intended to hold onto the class A complex, built in 2002, for a longer period of time, but "they'd gotten some initial interest, unsolicited, from condo converters and thought 'hmm, if there is a potential sale here, we need to take it to the whole market and see what happens,'" says David Fogler with Grubb & Ellis/BRE Commercial LLC's Phoenix office. S-J Management put the holding at 5302 E. Van Buren St. on the market for two months with a $21.27-million tag.
"We'd received about a dozen offers, plus or minus," Fogler tells GlobeSt.com. "The buyer made the best overall offer when it came to price terms and offered the highest probability of closing." The buyer of record is Belaflora Partners LLC of San Diego, which was represented by Bent Long, Mark Forrester and Bob Ruda with locally based Hendricks & Partners.
Details about the conversion and retooling budget weren't available. At sale time, the complex was 95% leased. It has a mix of 113 one-bedroom units and 72 two-bedroom apartments, averaging 785 sf. Monthly rents average $925.
Meanwhile, S-J Management is selling two other multifamily complexes in the area, both of which are under contract, according to Fogler. He and colleague Steven Nicoluzakis represent S-J Management.
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