The 140-unit apartment complex, located at 375 N. Federal St., has so much appeal, in fact, that brokers saw some heavy competition from buyers when the property went on the market about six months ago.
"There was a lot of people interested in the property," Mark Forrester of Hendricks & Partners tells GlobeSt.com. "We sold it within $50,000 of the asking price. That gives you some indication of the interest." The winning offer, however, came from G. Parkman/Heidelberg Partnership/Barr Trust of Fallbrook, CA, which paid close to $10.5 million for the property.
Forrester said interest in the luxury apartment complex was so intense because of its prime location at the junction of the Loop 101 and Chandler Boulevard, an area that has recently seen extensive retail development. "It's a very strategic location," said Forrester. "It's very well positioned for the long term."
The property, which was more than 80% occupied at the time of sale, features upscale amenities including a pool, detached garages and a conference center. Forrester and Bob Bruno, also with Hendricks & Partners, negotiated the transaction for both the seller, Club Cancun Apartments LP of Scottsdale, and the buyer.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
