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Luxury Midtown Complex Commands $14.4M

PHOENIX-The selling price breaks down to $73,846 per unit for the 195-unit Acappella along Seventh Street. When the price works, the owner sells, says seller SNK's vice president. The exchange was mortared with an $11-million loan from Prudential.

By Beverly Ford | Updated on November 15, 2002

PHOENIX-A 195-unit luxury apartment complex in the city’s midtown corridor has sold for $14.4 million to a California investment company in a quick turnaround for seller SNK Realty Group, which built the two-story property in 1999.

“When the opportunity is there for us to sell at a price that works, that’s the time we get out,” Sarah Bridge, vice president of transactions and dispositions for SNK, tells GlobeSt.com. Bridge said the Phoenix-based development company’s strategy is to develop and sell its acquisitions over a three-year timeframe.

The company’s latest transaction, the musically named Acappella apartments at 3302 N. 7th St., went to the Palm Springs investment group of SFT Tigerfish LLC, which paid $73,846 per unit for the 102 one-bedroom and 93 two-bedroom units with an average per unit rent of $900 monthly.

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