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SNK Realty Disposes of Last Phoenix Asset for $59M

PHOENIX-The merchant builder hands off the 576-unit Andante Apartments to JPMorgan Real Estate for $58.76 million. With the last of its product now sold, SNK Realty is turning up the heat to find additional development sites.

By Amy Wolff Sorter | Updated on September 14, 2005

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

PHOENIX-SNK Realty Group, a real estate operating and development company with offices throughout the Southwest, has sold the 576-unit Andante Apartments to JPMorgan Real Estate for $58.76 million.

The sale of the class A complex at 15801 S. 48th St. represents the last product that the merchant builder had available in the metro area. But according to Hal Watson, CEO of SNK Realty Group, he’s not through with Phoenix by a long shot. “We’re looking at opportunities to buy land every week, but haven’t pulled the trigger on any property recently,” Watson tells GlobeSt.com.

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