Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-After just two weeks on the market, the 232-unit Stonybrook found a new owner, JRD Management Corp. of Mamaroneck, NY. The buyer paid the full price of $9.8 million to claim the class B property from Stonybrook Apartments LLC of Kent, WA.

Boasting the highest offer and strongest balance sheet, JRD Management beat out seven other prospective buyers, according to Alon Shnitzer, an investment broker with Marcus & Millichap Real Estate Investment Co.’s local office. He and Peter Katz brokered thesale of the 95%-leased complex at 6441 W. McDowell Rd.

“The complex was attractive to buyers because it offered a low price per unit and no deferred maintenance,” Shnitzer tells GlobeSt.com. “It is a clean, well-maintained property.”

Stonybrook, positioned on 7.2 acres close to Interstate 10, contains 172 one-bedroom units, ranging from 540 sf to 676 sf, and 60 two-bedroom apartments with 927 sf. Rents range from $510 to $690 per month.

JRD Management put new financing on the complex. It obtained a 10-year, fixed-rate loan from Fannie Mae, Shnitzer 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?

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of 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 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 © 2021 ALM Media Properties, LLC. All Rights Reserved.