(Read more on the multifamily market.)
PHOENIX-A Hallandale, FL-based converter, who'd entered themarket with high hopes in early 2006, has sold its last conversionattempt, the 112-unit Santa Rosa Apartments. SunVest CommunitiesUSA, which sold the class A complex for $16.5 million, or $147,321per unit, has officially departed the metro area with thetransaction.
According to Apartment Realty Advisors' vice president BretZinn, the marketing period for the 10-year-old complex at 3425 E.Chandler Blvd. was two weeks during which SunVest received multipleoffers. Buyer Del Ray Property Group LLC of Marina Del Ray, CA cameforward with the highest offer after just closing on the272-unit LagunaHills at 4800 S. Alma School Rd. in Chandler for $38.5million. "That's when SunVest immediately took it off the market,"Zinn tells GlobeSt.com.
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