PHOENIX-A group of California investors has taken control of a 96-unit apartment complex in Northeast Phoenix in a $6.1-million deal.

Mark Feldman of the San Francisco office of Hendricks & Partners, headquartered in Phoenix, handled negotiations on behalf of the buyer, Phoenix Sun Terrace Venture LLC of Moraga, CA. Mark Forrester of Hendricks & Partners’ Phoenix office represented Sun Terrace Apartments’ seller, Sun Terrace Apartments LLC of Scottsdale.

Built in 2000, the complex is situated at 16802 N. 31st St. It is located close to the Squaw Peak Freeway and positioned in the multifamily demand generators of the bustling submarket. The complex features only two-bedroom, two-bath units, averaging 960 sf.

The selling price equates to $63,650 per unit in a market that is getting an average of $57,698 per unit, according to Hendricks & Partners’ latest report. In 2000, the average selling price reaped $48,723 per unit. To date this year, 49 apartment complexes have sold, up just a shade from last year. “Encouraged by low-interest rates, investors are maintaining a high level of interest in the metro area,” the firm’s research team says.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt. Multifamily Fall 2024Event

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

Get More Information


Join GlobeSt

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

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.