Thank you for sharing!

Your article was successfully shared with the contacts you provided.

GLENDALE, AZ-An investment group from Redlands, CA has outmaneuvered five other would-be buyers to make its first acquisition in the Valley. The 112-unit, class B complex changes hands for $5.5 million.

Limited liability companies–Brook Creek I and Brook Creek II–have acquired Brook Creek Apartments, a 99%-leased development at 4937 W. Myrtle Ave., from Hamilton Brook Creek LLC of Chicago. To close the deal, the buyer assumed a $4.1-million loan from Nomura Securities International, the US lending arm for Tokyo-based Nomura Holdings Inc. The loan, maturing in 2013, has a 5.84% interest rate and interest-only payments through August, according to Bert Kempfert, a first vice president with CB Richard Ellis Inc.’s Phoenix office.

“This is a core asset–a stabilized property in a good location,” Kempfert says about the 20-year-old complex. He tells GlobeSt.com that the buyer was trading out of another smaller multifamily property in its hometown. “They believe in the future of Phoenix,” he adds.

The 4.3-acre Brook Creek Apartments has 40 one-bedroom units with 635 sf and 72 two-bedroom units ranging from 749 sf to 844 sf. Monthly rents run from $535 to $665.

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?


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.