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100-Unit Multifamily Holding Collects $3M

PHOENIX-A private investor from Oregon beats four other offers for the 92%-occupied Sandpiper Apartments in Central Phoenix. The broker credits the uptick in interest for class C properties for the sale of an asset that's been up for grabs since 2003.

By Jennifer D. Duell | Updated on April 13, 2005

PHOENIX-A private investor from Gresham, OR has emerged as the winner of Sandpiper Apartments, a 100-unit, class C asset in the city’s central corridor. The local seller gets nearly $3 million for a complex that was on the market for $3.1 million.

Buyer Ambrosie Halmagen beat five other offers for the deed to 2735 E. Thomas Rd. “This was a good cash-on-cash deal,” says Edward Chang, an adviser with Sperry Van Ness’ local office. He and Julie Vaughn represented the seller. Andy Lesko of West USA Realty bargained for the buy side.

Chang tells GlobeSt.com that the seller put Sandpiper Apartments on the market in late 2003. The market for class C apartments is much different today, he says, pointing out the 92%-leased Sandpiper Apartments received five offers.

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