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GlobeSt.com EXCLUSIVE: Buyer Places $51M Contract on 480 Units

PHOENIX-S-J Management is eyeing a later summer closing for the MonteViejo, a 95%-leased, class A development in the Desert Ridge area. The Seattle investment group has offered $50.5 million for the one-year-old complex.

By Jennifer D. Duell | Updated on June 21, 2005

(To read more on the multifamily market, click here.)

PHOENIX-The Seattle-based S-J Management LLC has placed a $50.5-million contract on the 480-unit MonteViejo in the Desert Ridge area of North Phoenix. A late summer closing is slated for the one-year-old complex.

“The property provides a unique opportunity to acquire an upscale, fully stabilized core asset strategically located within the midst of one of the most vibrant economic submarkets in metro Phoenix,” Michael Sauter, CEO of S-J Management, tells GlobeSt.com. “Additionally, the property offers multiple exit strategies, including condominium conversion.” He estimates replacement cost at $60 million for the 2220 E. Beardsley Rd. development, which was on the market three months before S-J Management tied it up.

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