(To read more on the multifamily market, click here.)
PHOENIX-Nearly 1.5 years after acquiring the Monterra Apartmentsfor $18.13 million, the Seattle-based S-J Management LLC has soldthe 258-unit luxury complex for $22.07 million to an Irvine, CAinvestor. Plans call for the buyer, Aslan Monterra I & II, tokeep the complex for the long term.
"They were exchange buyers who had the funds available," saysDavid Fogler, senior vice president with Grubb & Ellis/BRELLC's Phoenix office. "They'd acquired another property not too farfrom this one, in an adjoining submarket. We thought they knew themarket and submarket very well." Monterra's buyer used in-housebrokers to negotiate the 1333 N. 24th St. take-over with Fogler andGrubb & Ellis' senior associate Steven Nicoluzakis.
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