Search
 

$140,625 Per Unit Sets Phoenix Multifamily Record

PHOENIX-A Washington state investor closes its first Phoenix deal, paying $9 million for the 64-unit Pavilions on Camelback to a Gray Development-affiliated seller. The 95%-leased complex boasts an average rent just north of $1,300 per month.

By Lee Simmons | Updated on April 27, 2004

PHOENIX-Curtis Capital Group LLC has purchased the Pavilions on Camelback for $9 million from TPOC LLC, a entity representing Gray Development. The $140,625 per-unit price is the highest on record for a multifamily property in the Phoenix market, according to David Fogler of Grubb & Ellis/BRE Commercial.

“It’s truly one of the best submarkets in Phoenix,” Fogler, a senior vice president with Grubb & Ellis/BRE Commercial, tells GlobeSt.com. “They plan to operate it as a rental community with the possibility of converting to condos.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.