PHOENIX-The second time has proven to be the charm for the 556-unit Mirage on Camelback. The complex, which fell out of escrow once, has been sold for $45 million to a national apartment investment company.
Fairfield Residential LLC of San Diego brought out Mirage on Camelback in late 2005 after a $12-million renovation of the 1970-built property at 5115 N. 40th St. According to Bob Bruno, principal with locally based Hendricks & Partners, the complex went under contract to a condominium converter.
"It was in escrow a long time with that buyer, but it didn't take so we put it back on the market. They walked away from a lot of earnest money on it," Bruno says. He and Hendricks' principal Mark Forrester negotiated the deal on behalf of the seller as well as the buyer, Charleston, SC-based Greystar Management LLC.
Bruno tells GlobeSt.com that the 90%-occupied complex received six credible offers on its second time marketing, adding that there had been a significant amount of interest both times it was on the market. "No offers from a condo converter the second time though," he adds.
Bruno says Greystar will invest more capital into further upgrades on the complex although he doesn't know just how much. "This is a wonderful location and will be a good asset for Greystar," he says.
Situated on 9.5 acres, Mirage on Camelback has studios as well as one- and two-bedroom units, ranging from 405 sf to 1,004 sf. Monthly rents are $712 to $1,106.
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