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Two Sellers Earn $6.4M From Vintage Complexes

PHOENIX-The 103-unit Windtree Village Apartments in Phoenix brings about $2.6 million while the 118-unit Park Village in Mesa attracts close to $3.8 million. Both buyers are planning repositioning upgrades.

By Beverly Ford | Updated on August 28, 2002

PHOENIX-Two apartment complexes owned by a California investment firm have been sold to new owners for more than $6 million total.

Fowler Shore & Flanagan of Larkspur, CA sold the Windtree Village Apartments in Phoenix to Parry Holding Co. of Phoenix for about $2.6 million. Park Village in Mesa went for almost $3.8 million to Gregory Paielli, a local investor. Todd Braun with CB Richard Ellis Inc. in Phoenix tells GlobeSt.com that their locations along with their potential as investment properties helped seal the deals although both are older developments.

Windtree Village, located at 6041 W. Thomas Rd., is a 103-unit gated community composed largely of two-bedroom units built in 1982. The average monthly rent is $600 per unit.

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