(To read more on the multifamily market, click here.)
PHOENIX-Close to two years after acquiring the 180-unitMandarina Apartments, S-J Management LLC has collected $20.5million from its sale. The Seattle-based investment group, whichhad paid $15.47 million as construction wrapped up, benefited froman active market, a growing demand for rental properties andleasing stabilization.
Michael Sauter, S-J Management's CEO, says the listing attractedmultiple offers when it came to market for $20.7 million. S-JManagement pushed the complex to 98% occupancy before bringing itout.
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