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SSR Realty Drops $34M for Legacy on Camelback

PHOENIX-The upscale multifamily property sells for $33.5 million to California-based SSR Realty Advisors near the desirable Camelback Corridor. SSR sees long-term dividends in the 360-unit development, renamed Reflections on Camelback.

By Lee Simmons | Updated on March 31, 2004

PHOENIX-California-based SSR Realty Advisors has purchased the 360-unit Legacy on Camelback apartment complex for $33.5 million from Legacy Partners Residential Inc.

“It’s got a convenient location to the employment centers as well as the Camelback Corridor,” Dale Gruen, a portfolio manager with SSR, tells GlobeSt.com. SSR’s strategy consists of renaming the property to “Reflections on Camelback” and participating in the multifamily recovery in the city that is expected over the next few years, according to Gruen. The company chose to arrange financing after closing on the purchase.

Occupancy at closing was 81%, nine points below the submarket average. Reflections includes 11 studio apartments, 210 one-bedroom units, 115 two-bedroom, two-bath units, 18 three-bedroom units and six two-bedroom, one-bath units. Units range from 800 sf to 1,600 sf. The average rent is $1.10 per sf.

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