(To read more on the multifamily market, click here.)
PRESCOTT, AZ-A San Diego buyer has succeeded in owning the150-unit Legacy at Prescott Lakes. After tracking the multifamilycomplex since it was built in 2000, the buyer acquires the buildingfor $13.3 million, or $88,333 per unit.
"She had followed the property since it was built, was familiarwith it and already owns a property in Flagstaff," comments DavidFogler, senior vice president of Grubb & Ellis|BRE Commercial,LLC's Multi-Housing Investment Group in Phoenix. "When this came onthe market, she was interested and pursued it heavily, especiallywhen an exchange came up on her end and she had the funds toplace," he says.
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