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Scottsdale Buyer Shells Out $7.9M for 285 Santa Fe Units

SANTA FE-The 285-unit San Raphael complex, built in the 1980s as affordable housing, changes hands as it nears the first conversion point to a market-rate property. In the immediate, a rent increase and renovation are on the docket.

By Beverly Ford | Updated on October 22, 2002

SANTA FE-A 285-unit apartment complex that was constructed under the Section 42 Tax Credit program in the late 1980s has been sold for about $7.9 million to a Scottsdale, AZ-based investment firm.

The San Raphael apartments, located at 1469 Zepol Rd., were built as rent-controlled units that will revert back to market rate in January 2003 and 2004, broker Robert Sheppard with Marcus & Millichap’s Seattle office tells GlobeSt.com.

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