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32-Unit Multifamily Buy Pulls $1.3 Mil

PHOENIX-Local investors Robert Porter and Earl Ricker spend $39,062 per unit for the 32-unit Cambridge Estates in Phoenix's northern submarket. Seller Delmar Morgan of Long Beach, CA owned the complex for a decade.

By D.J. Burrough | Updated on October 25, 2001

PHOENIX-Multifamily purchases continue to fuel the Phoenix market, with a pair of local investors shelling out about $1.3 million for the 32-unit Cambridge Estates in the city’s northern submarket.

Robert Porter and Earl Ricker, both of Phoenix, bought the complex, located at 10202 N. 7th St., from Delmar Morgan, a Long Beach, CA investor who owned the property for the past decade. The sale price equates to $39,062 per unit. Peter Katz of the Phoenix office of Marcus & Millichap represented the buyer and the firm’s Darrell Moffitt negotiated for the seller.

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