Search
 

Possible Record-Breaking Sale Delivers $71M for 832 Units

PHOENIX-SCI Real Estate Investments and 18 tenant-in-common investors buy the 832-unit Deer Valley Village Apartments, besting 19 would-be buyers for the Archstone-Smith development. The all-in price tag could be the state's largest multifamily sale.

By Jennifer D. Duell | Updated on October 13, 2004

PHOENIX-In what may be the largest multifamily sale in the state, SCI Real Estate Investments and 18 tenant-in-common investors have acquired Deer Valley Village Apartments for $71 million. The 832-unit complex at 3010 W. Yorkshire Dr. was developed and sold by Denver-based REIT Archstone-Smith.

“This is our first acquisition in Arizona,” says Marc Paul, president of SCI Real Estate of Los Angeles. “We really like the location of the asset, which is near two new freeways and several corporate offices [like PetsMart and USAA]. … A lot of new jobs are being created from the corporations nearby.”

The class A Deer Valley Village contains 360 one-bedroom units, 356 two-bedroom apartments and 116 three-bedroom designs. Units average 800 sf and rent for about $1 per sf. The complex, built in phases in 1996 and 2000, is 94% occupied.

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.