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GlobeSt.com EXCLUSIVE: Local Investor Picks Up 490 Units for $19M

PHOENIX-Newcastle Properties takes over the 274-unit Desert Sky Apartments and 216-unit Desert Wind Apartments for $10.1 million and $8.6 million, respectively. The 1980s-era, class C complexes are 90% occupied.

By Jennifer D. Duell | Updated on February 14, 2005

PHOENIX-Newcastle Properties LLC has acquired Desert Sky Apartments and a sister complex, Desert Wind Apartments, for $18.7 million. The class C complexes, totaling 490 units, were sold by Mandalay Apartments LLC of San Jose, CA.

The 274-unit Desert Sky Apartments at 4620 W. McDowell Rd. sold for $10.1 million and the 216-unit Desert Wind Apartments at 4140-41 W. McDowell Rd. accounted for the $8.6-million balance. The West Phoenix properties are located in a “working class” neighborhood.

“The properties were attractive to buyers because of their price per unit and price per sf,” Todd Braun, a senior director in Cushman & Wakefield of Arizona Inc.’s local office, tells GlobeSt.com. Both complexes fell out of escrow early in the marketing process, but Newcastle Properties stepped in with a strong offer and non-refundable earnest money, which minimized the closing risk, he says.

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