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135 In-Need Units Bring $4M

PHOENIX-A Chicago investor, with an eye on the upside, purchases the Brookfield Terrace apartments with a repositioning plan in hand. The 1969-built complex along North 19th Avenue sells for 91% of the list price.

By Lee Simmons | Updated on April 23, 2004

PHOENIX-A Chicago investor has purchased the Brookfield Terrace apartments for $4 million from Phoenix-based Kelbro Enterprises. The new owner plans to continue ongoing improvements at the 35-year-old complex for a future repositioning.

“There are definitely upsides,” Brian Smuckler, a senior associate with Marcus & Millichap of Phoenix, tells GlobeSt.com about the acquisition by Edward F. Streit of Chicago. “The buyer is looking to reposition the building. It was really mismanaged.”

Located at 6545 N. 19th Ave., Brookfield Terrace is a single, three-story building with 135 one-bedroom units. It is one of the few multifamily complexes in the market with interior hallways, Smuckler says, and was owned by the developer at sale time. The deal closed at 91% of the list price with a 5.91% cap rate. Nineteen units were vacant at closing.

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