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Andover Square Deal Sets 2003 Record

PHOENIX-A private investment group from California set a per-unit sales record this year when they picked up the Andover Square apartments, an 80-unit, class A complex in the Camelback Corridor for $9.9 million. It's the highest price paid since 2001.

By Beverly Ford | Updated on September 25, 2003

PHOENIX-The per-unit price was the highest paid for a Phoenix apartment property in two years, but that didn’t matter to a California-based investment group which forked over $9.9 million to take title to the 80-unit Andover Square.

The private investment group, AMR Properties LLC, beat out several other investors, including some whose offers topped the closing price, to take ownership of the 4343 N. 21st St. complex from Andover Square LLC, an entity formed by the property’s locally based developer, Gray Development Group. The seller’s confidence in the California group’s ability to close won the deed, explains Steven Nicoluzakis with Grubb & Ellis/BRE Commercial.

“It’s a triple A property in a triple A location,” Nicoluzakis tells GlobeSt.com of a mix with two-story townhouses, single-level apartments and lofts, all with direct garage access, set in the city’s popular Camelback Corridor. The complex’s per unit price was the highest paid this year and the second highest paid by an investor for an apartment property in the city in the last three years, Nicoluzakis says.

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