Private investor Dianne M. Kern of Menlo Park has spent $4.1 million for the Land Pointe Apartments, situated at 11600 N. 75th Ave.. The sale price equates to $41,000 per unit for seller R. Blake Johnson Jr. LLC of Honolulu, HI.
Land Pointe is a 16-year-old property. The complex is at the northwest corner of 75th and Peoria avenues in the heart of Peoria. The Agua Fria Freeway section of the Loop 101 is about two miles to the west. Nearby amenities include Glendale Community College, ASU West campus and the American Graduate School of International Management.
The seller is divesting a number of his Arizona assets, mostly apartment complexes, and moving the money to Washington state. Earlier this year, Johnson sold The Veranda Apartments, a 156-unit apartment community, to Mark Parry, a Phoenix investor.
Todd Braun of the Phoenix office of CB Richard Ellis represented the seller. Bill Horvath of the Phoenix office of Investment Brokers acted on the buyer's behalf.
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