(Read more on the multifamily market.)

PHOENIX-Following an $8.2-million renovation, Real Estate Partners Inc. of Irvine, CA has handed off the class B Saratoga Ridge Apartments to Greystar Real Estate Partners LLC. The Charleston, SC-based buyer has paid $70.2 million for a 91%-occupied asset in North Phoenix.

CB Richard Ellis vice chairman Tyler Anderson says the deal still represents a value-add play for the buyer although the seller had invested a good chunk of capital and time into renovating the complex at 1450 E. Bell Rd. in the past three years. “There’s some value-add play on this that could pay off in the end. There are some remaining things that could help the value that much more,” says Anderson, who teamed with CBRE vice chairman Sean Cunningham and first vice president Jack Hannum to represent the seller. Greystar, which had in-house representation, stands to gain some immediate value-add through management.

Anderson says the 23-year-old Saratoga Ridge was marketed for 30 days, with nine bona fide offers coming in. “This was a tie between Greystar and two others,” Anderson tells GlobeSt.com. “Greystar’s capital stack was put together the best, plus they own and manage other units in the area and have great knowledge of the market.”

Anderson says demand for rental housing continues to increase throughout the metro area, meaning Saratoga Ridge’s value will continue to climb during the next several years. The buyer obtained the complex for a good price per unit, he adds.

Saratoga Ridge has a mix of one-, two- and three-bedroom units. The 720-sf one-bedroom apartments rent for $710 per month; two-bedroom units, ranging from 840 sf to 1,006 sf, bring in $799 to $899 per month; and the three-bedroom apartments, with 1,194 sf to 1,444 sf, and go for $1,174 to $1,234 per month.

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