"This historically has been one of the best submarkets because of the job base," Mark Forrester, a partner with Hendricks & Partners of Phoenix, tells GlobeSt.com. Seller Withycombe Finance Partnership LP of Chicago is an entity of Equity Residential. The REIT is aiming for larger investments and still boasts a healthy Phoenix presence, Forrester says. Escrow lasted about two months.
Located at 10851 N. 43rd Ave., the 174-unit Silver Spring was built in 1986. The complex features 80 one-bedroom units and 94 two-bedroom units. "It's a very solid B-class property with all the basics, including great frontage on a primary arterial street," adds Forrester who brokered the sale with Hendricks & Partners' Bob Bruno.
Silver Spring's average rent is just under $700 per month. The community sits close to one of the state's largest regional malls.
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