CB Richard Ellis senior vice president Jay H. Massirman andassociate Michael A. Stein acted as exclusive advisors to sellerArchon Management Services. The buyer, BH Equities Inc., assumed anapproximately $17 million mortgage as part of the deal.
The property, comprising 18 three-story buildings, was completedin two phases (1990 and 1995) at 18802 NW 57th Ave. Based on its435,584 sf of net rentable area, the price equates to $57.39 persf.
There are 96 one-bedroom/one-bath units averaging 758 sf andmonthly market rent of $732; another 312 two-bedroom/two-bath unitsaveraging 1,048 sf with monthly market rent of $838; and twothree-bedroom/two-bath layouts averaging 1,120 sf and $879 inmonthly rent.
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