CB Richard Ellis senior vice president Jay H. Massirman and associate Michael A. Stein acted as exclusive advisors to seller Archon Management Services. The buyer, BH Equities Inc., assumed an approximately $17 million mortgage as part of the deal.
The property, comprising 18 three-story buildings, was completed in two phases (1990 and 1995) at 18802 NW 57th Ave. Based on its 435,584 sf of net rentable area, the price equates to $57.39 per sf.
There are 96 one-bedroom/one-bath units averaging 758 sf and monthly market rent of $732; another 312 two-bedroom/two-bath units averaging 1,048 sf with monthly market rent of $838; and two three-bedroom/two-bath layouts averaging 1,120 sf and $879 in monthly rent.
Project amenities include intrusion alarms in each unit, terraces, tennis court, swimming pools with sundeck area and Jacuzzi, and a fitness center. Parking is provided for 950 vehicles, or 2.15 spaces per apartment.
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