(To read more on the multifamily market, click here.)

PHOENIX-A Tempe, AZ investor has sold two assets, collecting a total of close to $11 million with the transactions. Mesa, AZ-based Desert Sunshine LLC has acquired the 214-unit Entrada/Prado Apartments for $8.9 million, while Phoenix’s B&L Investments of Arizona LLC plunked down $1.29 million for 2.5 acres, the future site of the Ninth Street Lofts condominiums.

Investors O’Carroll-Leavitt opted to sell the assets because of involvement with other projects. “We’d owned the Entrada Apartments for a year and a month, with the goal to stabilize it,” says Sean O’Carroll, principal with O’Carroll-Leavitt.

The company had acquired the 1973-constructed complex, dubbed Rancho Encanto Apartments, during August 2005 for $8 million. O’Carroll-Leavitt had acquired a 40% occupied complex, and ended up selling an asset stabilized at 92%. Located at 3001 and 3007 N. Black Canyon Highway, Entrada/Prado Apartments have a mix of one-, two- and three bedrooms, with rent between $585-$595 per month.

O’Carroll tells GlobeSt.com that the land at 5616 S. 9th St. was sold because O’Carroll-Leavitt has construction projects underway. “We’d held onto the land with the idea of developing condos on it, but with the market the way it was, we decide to let the next person take it there,” O’Connor says.

Though two assets are gone from the O’Carroll-Leavitt portfolio, O’Carroll indicates the company is looking for more to buy. “Right now, we’re looking to acquire more land for affordable townhomes and condos, and are looking for apartment buildings to hold for rentals,” he adds.

Todd Braun and Paul Gross with Cushman & Wakefield’s Southwest Apartment Group in Phoenix negotiated the Entrada/Prado Apartments deal. The seller and buyer were self-represented in the land transaction.

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