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$6M Nabs Camelback Apartment Complex

PHOENIX-A California private investor buys the 138-unit Amber Ridge for $5.6 million to mark the asset's second sale in a year, Amber Ridge exemplifies the type of mid-1980s multifamily product that investors are seeking in the metro.

By Lee Simmons | Updated on March 31, 2004

PHOENIX-Paying $5.6 million, a California-based investor has bought out a seller who outdistanced him a year ago for the Amber Ridge apartment in East Phoenix. The repositioning play, highlighted by a renovation, ended with a gain of $1 million.

Jerry Scanlon of Coto de Caza, CA, bought the holding from Bud Held with the Del Mar, CA-based Amber Ridge LLC. “He was motivated to sell and saw an opportunity to make a few dollars in the process,” Bret Zinn, a marketing associate with Colliers International’s Phoenix office, tells GlobeSt.com. Scanlon assumed approximately $3.5 million in debt at a 7% interest rate that was originally provided by Charlotte, NC-based Wachovia Corp.

Located at 3802 N. 27th St., Amber Ridge was constructed in 1985 and features 138 units that rent for an average $587 per month. The complex consists of 54 one-bedroom units and 84 two-bedroom units. Amenities include a pool, covered parking and laundry facility.

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