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First-Time Valley Buyer Rolls Multifamily Deed for $10M

GLENDALE, AZ-MG Properties of San Diego writes a $9.5-million check for the 175-unit Sun Creek Apartments, a class B complex with a 95% occupancy located across the street from Thunderbird, the Garvin School of International Management.

By Jennifer D. Duell | Updated on October 28, 2004

GLENDALE, AZ-San Diego-based MG Properties has made its first buy in the Valley, dropping $9.5 million for Sun Creek Apartments. A subsidiary of Equity Residential, Evans Withcombe Finance Partners LLP, was the seller.

The 175-unit, class B complex, which is 95% occupied, is located at 15050 N. 59th Ave.–across the street from Thunderbird, the Garvin School of International Management. “A portion of the residents attend Thunderbird,” says David Fogler, a senior vice president with Grubb & Ellis/BRE Commercial LLC. He and partner Steve Nicoluzakis brokered the sale.

Built in 1986, Sun Creek Apartments is comprised of 11 garden-style buildings situated on 7.3 acres. It boasts 79 one-bedroom apartments and 96 two-bedroom units, averaging 787 sf. Rent averages $701 per month.

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