X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-A private investor from Utah has snared $3.1 million for the 98-unit Silver Tree Apartments in west Phoenix. For buyer Highgate Properties of Los Angeles, that equates to putting up more than $31,600 per unit.

Doug Fielding of Marcus & Millichap’s Phoenix office brokered the deal for seller Scott Keller of Bountiful and buyer. The Silver Tree Apartments is located at 4336 N. 35th Ave., on the northwest corner with the Indian School Road intersection. The complex is about a mile west of Interstate 17. Nearby amenities include Grand Canyon University, which is less than a mile away, Phoenix College and Chris-Town Mall.

West Phoenix’s average vacancy rate is about 6.9% in comparison to the Valley’s overall average of 6.6%. Apartments in the submarket are fetching about $512 per month whereas the Valley average is $668.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.