Search
 

JRD Spends $11M for Phoenix Complex

PHOENIX-The bidding was competitive, but a New York management firm's strong presence in the Phoenix market helped it win the 280-unit Smoketree Apartments, its third multifamily purchase in Phoenix in just over a year.

By Beverly Ford | Updated on October 08, 2003

PHOENIX-Six prospective buyers vied for ownership, but in the end it was an $11.1-million offer that finally bought a New York management firm the title to a 280-unit Smoketree Apartments.

Buyer JRD Management Corp. of Mamaroneck, NY topped all other bids with the offer, which came in about $1.3 million shy of the original $12.4-million price tag hung by seller EJM Development of Los Angeles. It was only the second time that the 189,880-sf complex at 3161 W. Cheryl Dr., adjacent to the Metro Center Mall, has come to the market in its 29-year history. In the early 1980s, the 1974 vintage property was sold to a buyer who later defaulted on the payments, forcing EJM to foreclose, Sean Cunningham of CBRE’s Phoenix office tells GlobeSt.com.

But the seller isn’t worried about a similar occurrence today, Cunningham says. JRD has a strong presence in the Phoenix market, where it picked up two other apartment complexes in just over a year. In 2002, the firm spent close to $7 million for the four-story, 95-unit Cascades Apartments and $9.4 million to take over the 169-unit Arcadia Villas, both in Phoenix.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2025 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2025 ALM Global, LLC. All Rights Reserved.