32-Unit Multifamily Buy Pulls $1.3 Mil

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.