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One Down, One to Go for Bigelow

PHOENIX-The 483-unit Sunplace Apartments brings in $9.9 million for its Las Vegas seller, who is reinvesting proceeds from multifamily sales into its hotel properties. Bigelow's Desert Star is on the market for $11.9 million.

By Jennifer Brenner Andrade | Updated on May 29, 2002

PHOENIX-A Las Vegas property owner has pulled $9.9 million for one of its two multifamily complexes from a buyer in its hometown. Bigelow Cos. is the seller and FLM Enterprises is the buyer of Sunplace Apartments, a 22-year-old, 483-unit complex at 1950 N. 43rd Ave. in Phoenix.

Brad Goff, Insignia/ESG managing director in Phoenix, says the buyer “was looking to add to its Arizona apartment portfolio. This complex gives them five in the Valley now.” Momar Properties LLC is the buyer of record. Its parent firm, FLM, also owns the Arbor Village, Mountain Vista, Place One and North Palms multifamily properties.

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