(To read more on the multifamily market, click here.)
PHOENIX-Fifteen years after it bought the 135-unit Papago VistaApartments for about $2 million, Papago Vista Apartments LLC ofPhoenix has sold it for $9.4 million at a 6% cap rate.
Russell and Marcia Bill of Southern California, first-timePhoenix buyers, beat out multiple offers during the four-monthmarketing period to win the nod for the 95%-occupied complex at5312 E. Taylor St. "The buyers were in an exchange and could movequickly on this deal," says Dave Fogler, senior vice president withGrubb & Ellis|BRE Commercial LLC in Phoenix. The seller'sbroker says the new owner was reinvesting proceeds from the sale ofcommercial property in California.
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