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95%-Leased, Class A Complex Pulls $10M

PHOENIX-Gray Development trades the 138-unit Clarendon Park to Solid Goods Corp., a La Jolla, CA-based investor floating a $7.2-million bridge loan to make the close. The buyer outruns 11 other investors trying to lasso the deal.

By Lee Simmons | Updated on June 29, 2004

PHOENIX-The 138-unit Clarendon Park wins a $10-million buyer with its 95% occupancy and no needed improvements. The two-year-old, class A complex fielded a dozen offers before the seller settled on a La Jolla, CA-based investor.

“It had a good occupancy and leased up very quickly with a good resident profile. The property is less than half a mile from St. Joe’s Hospital … and a good portion of the residents work at the hospital or surrounding medical facilities,” David Fogler, asenior vice president at Grubb & Ellis/BRE Commercial in Phoenix, tells GlobeSt.com about the sale of 222 W. Clarendon Ave. in Phoenix.

Solid Goods Corp. bought the property from Clarendon Park LLC, a division of Phoenix-based Gray Development Group, beating 11 other offers placed for the property during nine months of marketing. None of the offers met the seller’s asking price, according to Fogler.

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