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Phoenix Complex Sells One Year After Explosions

PHOENIX-A Los Angeles property group has purchased the Hazeltree Apartments for $7 million and will put another $1 million into a renovation. A year ago, one of 28 buildings was leveled in a gas line explosion.

By Lee Simmons | Updated on April 15, 2004

PHOENIX-Los Angeles-based SRP Property Inc. has bought the Hazeltree Apartments for $7 million from Phoenix Hazeltree Apartments LLC of San Diego, only a year after a live-in handyman allegedly lighted a gas line that triggered two massive explosions, killing himself and injuring nine others in the two-story eight-plex.

“We were originally in escrow at $9 million. The property used to be 310 units,” Neil Sherman, amultifamily specialist at Sperry Van Ness in Phoenix, tells GlobeSt.com. “In March of ’03, there was a gas explosion that leveled an eight-plex and left the building at 302 units. That threw the deal into a tailspin.”

Built between 1959 and 1971, the 28-building complex is positioned on 10 acres at 2928 E. Osborn Rd. The unit mix consists of 23 studio apartments; 99 one-bedroom units; 32 two-bedroom, one-bathroom units; and 148 two-bed, two-bath units. Monthly rent ranges from $461 to $684. Thirty-seven units were vacant at closing.

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