Julie Vaughn, an adviser with Sperry Van Ness' local office, tells GlobeSt.com that MVG Investments LLC missed the exchange deadline after selling a multifamily asset in the Valley, but wanted to buy the 95%-leased Silver Tree Apartments at 4336 N. 35th Ave. "This is not a pride of ownership property, it's more bread and butter," she says. "The occupancy stays high in the complex because it's safe and has great access."
Vaughn says Street Edge Investments made some improvements to the complex during its hold. "The biggest investment was the addition of a gate to make the community gated," she says.
Built in 1986, the seven-building complex is situated on 3.5 acres. Its mix contains 16 studios, each 415 sf; 42 one-bedroom units, 504 sf; and 40 two-bedroom apartments, ranging from 726 sf to 822 sf. Rents go from $401 to $613 per month.
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