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Class C Complex Garners $8M From Local Buyer

PHOENIX-A local syndicate lays down $7.7 million for Rancho Veredas Apartments, a 213-unit complex in West Phoenix. The 13-year-old property is 90% occupied.

By Jennifer D. Duell | Updated on December 17, 2004

PHOENIX-Rancho Veredas Apartments, a 213-unit, class C complex in West Phoenix, has sold for $7.7 million to local syndicate, Right Place Properties.

The buyer, well known throughout the Valley for its condominium conversion projects, purchased the 13-year-old complex from Grenfell-Parry I LLC of Chandler. Right Place Properties, though, isn’t planning to convert Rancho Veredas Apartments, but instead will hold onto it for its cash flow, says Todd Braun, a senior director in Phoenix for Cushman & Wakefield of Arizona Inc., who represented Grenfell-Parry I LLC.

Braun tells GlobeSt.com that the seller is a valued-add investor who bought Rancho Veredas Apartments about a year ago. The repositioning included upgrades to the asset, operational changes and re-tenanting.

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