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PINETOP/LAKESIDE, AZ-AMP Real Estate of Phoenix has bought the Apple Tree Apartments in the rural town of Pinetop/Lakeside, paying $1.6 million to a private investment group from California.

The selling entity, headed by Jerry Wang, has reaped more than $33,333 per unit for the 48-unit complex at 1752 W. Jackson Lane. Pinetop/Lakeside is a growing community just outside Show Low, another rural city about 150 miles east of Phoenix. The area is increasingly becoming a haven for retirees and a location for second-home owners to escape the heat of the Valley during the summer months. The complex was 95% occupied at sale time. The Phoenix office of Insignia/ESG, with brokers David Fogler and Steven Nicoluzakis, represented the seller and AMP Real Estate used in-house brokers to negotiate the deal.

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