X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-Multifamily purchases continue to fuel the Phoenix market, with a pair of local investors shelling out about $1.3 million for the 32-unit Cambridge Estates in the city’s northern submarket.

Robert Porter and Earl Ricker, both of Phoenix, bought the complex, located at 10202 N. 7th St., from Delmar Morgan, a Long Beach, CA investor who owned the property for the past decade. The sale price equates to $39,062 per unit. Peter Katz of the Phoenix office of Marcus & Millichap represented the buyer and the firm’s Darrell Moffitt negotiated for the seller.

The average sale price for apartment complexes in the Valley during 2001 is about $60,900 per unit. Complexes built since 1995 are selling for $82,000 per unit and those built before 1974 are bringing an average of $37,100 per unit.

Cambridge Estates is adjacent to the North Mountain and Phoenix Mountains preserves. A number of major educational facilities are within five miles of the apartments. Other nearby amenities include the Metrocenter regional mall and Rose Mofford Sports Complex. It’s also less than two miles from Black Canyon Freeway and about three miles from Squaw Peak Parkway.

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.