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Silver Creek Apartments Corner $10M

PHOENIX-Glendale, CA-based Heatherwood Holdings LLC puts down nearly $10.1 million for the northwest Phoenix community, nestled in one of the best job bases in the metro. The 174-unit sale marks another market entry by a California multifamily owner.

By Lee Simmons | Updated on April 27, 2004

PHOENIX-The Black Canyon Freeway corridor’s strong job base is proving a solid magnet for multifamily investment along the Phoenix-Glendale border. Heatherwood Holdings LLC, a Glendale, CA-based investor, has purchased the Silver Spring apartment complex for about $10.1 million.

“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.

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