"It's a pretty stable submarket. That was one of the big appeals," David Fogler, a senior vice president at Grubb & Ellis/BRE Commercial, tells GlobeSt.com. Trivest closed the deal with Seattle-based Greentree Apartments General Partnership after looking for some time at Phoenix opportunities.
Built in 1986 at 5959 W. Greenway Road, the well-maintained property consists of 128 one-bedroom units and 56 two-bedroom units, averaging 721 sf. Rents average $622. The property's proximity to the Thunderbird-Garvin School of International Management makes it a destination for students, says Fogler, who represented the seller alongside Steve Nicoluzakis of Grubb & Ellis/BRE Commercial. Amenities include covered parking, washer-dryer hookups and a pool.
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