X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-A Chicago-based investor has made its second acquisition in the Valley with the $6.8-million buy of Papago Crossing Apartments, a 180-unit, class B apartment complex. Water Tower Realty Management purchased Papago Crossing from San Francisco-based Gerson Bakar &Associates, which exited the local apartment market with the sale, says Brad Goff, VP of the Trammell Crow Co., who brokered the transaction along with Karen McClintock.

Situated on 6.7 acres at 4530 East McDowell Rd. in central Phoenix, Papago Crossing consists of 17 buildings. It has 96 one-bedroom units that measure 700 sf and rent for $495 per month, and 84 two-bedroomunits that measure 980 sf and rent for $650 per month. At the time of sale, the 25-year-old complex was 92% occupied.

According to Goff, Water Tower Realty Management was looking to expand its apartment portfolio in Arizona. The firm also owns the Oasis at Scottsdale, a 244-unit apartment property located at 4140 North 78th St. in Scottsdale.

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?

 

GlobeSt

Join GlobeSt

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

  • Free unlimited access to GlobeSt.com'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 ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.