PHOENIX-A 60-unit apartment complex in a stable neighborhood near the city’s downtown has been sold for slightly more than $2 million to a California investment firm making its second acquisition in Phoenix in the past four months.
K&N Management of San Diego bought the 801 W. Turney Rd. complex near Campbell and 7th Avenue less than two months after seller Ted and Eva Oprea of Phoenix put it on the market, Cliff David, with Marcus & Millichap in Phoenix, tells GlobeSt.com. “It’s in a good location fairly close to downtown and most of their tenants have been there for quite awhile so occupancy has been strong,” David said of the class C apartment complex.
Composed of one and two bedroom units, the complex was almost fully leased at sale time, David said. Rents run from $450 to $550 per month. Ric Holway of Marcus & Millichap’s Phoenix office negotiated for the seller.