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Separate Central Corridor Multifamily Sales Fetch $3M

PHOENIX-Two apartment complexes in the Camelback Corridor sell to investors looking for long-term holds of high-occupancy properties. The 28-unit Hyde Park passes to a Mesa trust and the 31-unit Sunny Palms rolls to a private investor from the same city.

By Lee Simmons | Updated on July 30, 2004

PHOENIX-A pair of unrelated multifamily sales collect about $3.1 million from separate Mesa buyers, both eyeing long-term holds of the high-occupancy properties.

The Strabala Family Trust purchased the 28-unit Hyde Park Apartments at 3822 N. 28th St. for close to $1.6 million and investor Ken Babcock spends $1.5 million for the 31-unit Sunny Palms Apartments at 4402 N. 36th St.

The Strabala trust secured acquisition financing from La Jolla Bank of Rancho Santa Fe and put down $450,000, Neil Sherman, a vice president with Sperry Van Ness in Phoenix tells GlobeSt.com. He and Eric Guina, also with Sperry Van Ness, represented the buyer and the seller of record, Hyde Park LLC of Scottsdale.

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