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PHOENIX-A 195-unit luxury apartment complex in the city’s midtown corridor has sold for $14.4 million to a California investment company in a quick turnaround for seller SNK Realty Group, which built the two-story property in 1999.

“When the opportunity is there for us to sell at a price that works, that’s the time we get out,” Sarah Bridge, vice president of transactions and dispositions for SNK, tells GlobeSt.com. Bridge said the Phoenix-based development company’s strategy is to develop and sell its acquisitions over a three-year timeframe.

The company’s latest transaction, the musically named Acappella apartments at 3302 N. 7th St., went to the Palm Springs investment group of SFT Tigerfish LLC, which paid $73,846 per unit for the 102 one-bedroom and 93 two-bedroom units with an average per unit rent of $900 monthly.

“It’s a solid and reliable investment,” said Bridge, noting that the property features all the amenities of luxury living, including a pool, spa, high-speed Internet access and washers and dryers in each units.

Bridge said the new buyers finance the acquisition through an $11-million loan at 6% interest from Prudential Mortgage Capital. Both seller and buyer were self-represented in the transaction.

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