X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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

PHOENIX-A local trust has sold the 134-unit Montana Apartments to an active multifamily asset buyer for $15.7 million in an off-market transaction. Seller Bassham Trust had acquired the asset in 2001 for $10.1 million.

“We had an existing relationship with the seller so we approached her to ask if she might have interest in an offer,” says David Fogler, senior vice president with Grubb & Ellis/BRE Commercial LLC’s Phoenix office. Fogler, who teamed with Steven Nicoluzakis on the 7611 S. 36th St. sale knew that the Seattle-based buyer, S-J Management LLC, operating under the name Montana Apartments Associates LLC, was actively looking for class A properties. Fogler asked S-J CEO Michael Sauter if he would be interested in making a play for the 1999-constructed Montana Apartments. Sauter agreed. “Mike is an active buyer in the market right now so we felt it would be a good fit,” Fogler tells GlobeSt.com.

Though the 12-building complex is fairly new, Fogler believes the buyer will put some capital into upgrades and renovations, especially exteriors and the clubhouse. Otherwise, Fogler believes the 95%-occupied complex will provide a good investment for the buyer. “It’s got the amenities with a good location on a busy street,” he says. “It’ll do well for him.”

Montana Apartments has a mix of one-, two- and three-bedroom units ranging from 740 sf to 1,102 sf. Monthly rents are $721 to $1,027.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.