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Exchange Buyer Nabs Class B Apartments in Off-Market Deal

PHOENIX-An Arizona investor sells two multifamily assets in Southern California and deploys the gain in Silktree Apartments, paying $3.5 million for an 86-unit, class B complex situated on the border of Scottsdale and Phoenix.

By Jennifer D. Duell | Updated on January 06, 2005

PHOENIX-With cash in hand from the sale of two multifamily assets in Huntington Beach, CA, an investor from Chandler, AZ, completes a 1031 Exchange by purchasing the Silktree Apartments for $3.5 million.

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.

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