Search
 

Phoenix Apartment Complex Draws $16M

PHOENIX-S-J Management LLC of Seattle buys its third multifamily property in town in nine months, spending $16.1 million for the 185-unit Belaflora Apartments, a class A complex sold by the Greystone Group of Newport Beach, CA.

By Lee Simmons | Updated on May 03, 2004

PHOENIX-A longstanding relationship with Greystone Group of Newport Beach, CA, has turned a third deed in nine months for S-J Management LLC, a Seattle multifamily investment group that paid $16.1 million for the Belaflora Apartments in East Phoenix.

“We see Phoenix as a market that has hit bottom and is on the upswing,” Michael Sauter, CEO of S-J Management, tells GlobeSt.com. “As evidenced by first-quarter statistics, the Phoenix metro area continues to enjoy very healthy job growth.”

Located at 5302 E. Van Buren St., the 185-unit complex was developed by the Greystone Group, led by Walter Eeds, president and CEO, and opened in August 2002. The complex was 93% leased at sale time.

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.