Apartment Development Duo Sells Last of Portfolio

PHOENIX-Two of the Valley’s biggest apartment developers have sold their final complex in metropolitan Phoenix.

FSC/Evans LLP, a Paradise Valley-based partnership of Steve Evans and Keith Withycombe, sold the Cedar Ridge Apartments, a 150-unit complex at 2122 W. Butler Drive in Phoenix, for $6.25 million.

The 18-year-old complex was purchased by KMS Management Inc. of St. Louis Park, Minnesota. This is the first property KMS has purchased in the Phoenix area. The sale price equates to more than $41,600 per unit.

Evans and Withycombe were formerly principals of Evans Withycombe Residential, which built thousands of apartment units throughout the metropolitan area over the past two decades. In 1997, the apartment developer merged with Chicago-based Equity Residential Properties Trust.

Cedar Ridge Apartments, the first the partnership developed, was not included in the portfolio when Evans Withycombe Residential sold to Equity Residential Properties Trust.

The apartment complex was 97% occupied at the time of the sale.

The Phoenix office of CB Richard Ellis represented the seller, while KMS represented itself