(Read more on the multifamily market.)
PHOENIX-A private investor from Mesa has picked up a secondmultifamily property on the city's north side, paying $17.5 millionfor the 437-unit Desert Star Apartments. The class B asset is theseller's last one in the city.
"We represented the buyer and approached the seller to tell himthe buyer was interested in acquiring the property. And, we wereable to agree on price," says David Fogler, senior vice presidentwith Grubb & Ellis|BRE Commercial LLC. He says that MilivojeDjordjevich acquired the 351-unit BellridgeApartments at 844 E. Bell Rd. so the acquisition of DesertStar, situated at 1106 W. Bell Rd., was a good complement to thatacquisition.
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