Search
 

Apartment Investor Sells Out for Washington Hotel

PHOENIX-A Honolulu investor is hawking his Phoenix apartment complexes in a plan to pump proceeds into buying a Washington state hotel. R. Blake Johnson already has secured $4.7 million for one complex and has a $4-million sale pending, says the broker.

By D.J. Burrough | Updated on May 22, 2001

PHOENIX-A Hawaii real estate investor is liquidating his apartment portfolio in the Valley and taking the proceeds to buy a hotel in Washington.

R. Blake Johnson Jr. LLC, a Honolulu-based real estate investor, has picked up $4.7 million for the Veranda Apartments, a 156-unit complex at 5704 W. Thomas Rd. He also is selling Phoenix’s Landpoint, a 100-unit apartment complex at 75th Avenue south of Cactus Road for $4 million. That deal is expected to close at the end of June, Todd Braun, a multifamily specialist with CB Richard Ellis and broker on the Veranda sale, tells GlobeSt.com. According to Braun, Johnson intends to take the proceeds to buy a hotel in Washington state.

Figtree Apartments LLP, a Phoenix-based investment group, is the Veranda’s buyer. That group recently has sold the Figtree Apartments in a 1030 exchange for the Veranda. The complex’s purchase price equates to more than $30,128 per unit and about $50 per sf. Each unit averages about 609 sf. Last year, the average price paid for 15-year-old apartments or older had been about $48,780 per unit or $57.74 per sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2025 ALM Global, LLC. All Rights Reserved.