$6.1-Mil NE Phoenix Multifamily Sale Closes

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.