(Read more on the multifamily market.)
PHOENIX-A Colorado buyer has beat out nearly a dozen offers witha $34-million offer for the 380-unit Alegria Apartments. The newowner plans to invest another $2.7 million into upgrading the classB asset.
According to David Corson, director of acquisitions forGreenwood, CO-based Baron Properties LLC, the 1980s-built Alegriaoffered upside through its location at 15202 N. 40th and theability to raise rents upon renovation completion. "We liked thelocation as it sits in northeast Phoenix," Corson says. "In thatquadrant, it's near Scottsdale and Paradise Valley, which arehigh-end home markets." As a result, Baron moved quickly whenHamilton Zanze & Co. of San Francisco put the 92%-leased asseton the market.
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