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PHOENIX-The 113-unit Sungate Apartments has changed ownership for $6.4 million or $57,079 per unit.

Located at 14203 N. 19th Ave., the complex was listed by the seller, Sungate Properties LLC of Woodland Hills, CA for $6.5 million, with the nod ultimately going to Moon Mountain Partners LLC of Glendale, AZ. The buyer plans to convert the 1981-constructed property into condominiums, investing an estimated $12,000 to $15,000 per unit during the process.

Todd Braun, senior director with Cushman & Wakefield of Arizona Inc.’s Phoenix office, tells GlobeSt.com that the deal, which attracted a fair amount of interest at the $6.5-million ask, spent two months in escrow before it closed. “The seller had an option to extend because he had to pay off an existing loan,” says Braun, who with colleagues Brett Polachek and Jim Crews brokered both sides of the transaction. The seller, planning a 1031 exchange with the gain, is seeking out other properties in the area. As for the buyers, Braun says “their earnest money was going hard in a short time, plus they had a good track record. We felt pretty good about them.”

Situated on 6.2 acres, the 90%-leased Sungate Apartments has a guest suite, studio apartment, 55 one-bedroom units and 56 two-bedroom apartments. Units average 751 sf; and rent averages $597 per month.

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