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Chicago Investor Nabs Apartments for $7M

PHOENIX-A San Francisco-based owner exits the local market with the $6.8-million sale of Papago Crossing Apartments, a 180-unit, class B apartment complex. The Chicago-based buyer is actively searching formultifamily in the Valley.

By Jennifer D. Duell | Updated on December 29, 2004

PHOENIX-A Chicago-based investor has made its second acquisition in the Valley with the $6.8-million buy of Papago Crossing Apartments, a 180-unit, class B apartment complex. Water Tower Realty Management purchased Papago Crossing from San Francisco-based Gerson Bakar &Associates, which exited the local apartment market with the sale, says Brad Goff, VP of the Trammell Crow Co., who brokered the transaction along with Karen McClintock.

Situated on 6.7 acres at 4530 East McDowell Rd. in central Phoenix, Papago Crossing consists of 17 buildings. It has 96 one-bedroom units that measure 700 sf and rent for $495 per month, and 84 two-bedroomunits that measure 980 sf and rent for $650 per month. At the time of sale, the 25-year-old complex was 92% occupied.

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