Martsen Investments LLC purchased the 86-unit, class B complex from Denver-based Apartment Investment and Management Co. "They were looking all over town and Silktree Apartments met their size criteria," says Bill Hahn, a senior investment broker with Sperry Van Ness' Phoenix office who brokered the deal along with Kevin Rille and Leslie Flake.
Hahn tells GlobeSt.com that Silktree Apartments was never officially for sale. "We contacted Aimco and they were willing to consider our offer," he says.
Situated on 2.4 acres at 4815 E. Thomas Rd. on the Scottsdale-Phoenix border, Silktree Apartments consists of six buildings. It has 70 one-bedroom, one-bathroom units and 16 two-bedroom, two-bathroom units. Apartments average 621 sf. Monthly rents range from $515 to $705, including utilities. Silktree Apartments, built in 1980, was 90% leased at the time of sale.
"The complex is in a very good location and in good condition," Hahn says. He adds there will be some upside potential from a rental rate standpoint.
Martsen Investments paid for the complex using a combination of cash and debt obtained from San Diego-based Bank of the Internet USA. The loan was arranged through Jason Cooney of Phoenix-based Capstone Commercial Mortgage.
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