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Spokane Buyer Takes Nearly $8M Apartment Property

MESA, AZ-An individual from the Spokane, WA area makes an initial investment in the local multifamily market with the acquisition of Sierra Madre. The property counts 206 rental units.

By Daniel D. Williams | Updated on March 13, 2006

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

MESA, AZ-A tightening local multifamily market continues its attractiveness to outside buyers with the sale of Sierra Madre. A private investor from the Spokane, WA area is the latest outside investor to enter the Phoenix Valley.The investor, Irinna Robison, picked up Sierra Madre for $7.8 million. The for-rent property counts 206 units. This is Robison’s first acquisition outside of her home state, according to Bob Bruno, a broker with Hendricks & Partners. Bruno along with Brent Long, both of the Phoenix office of Hendricks & Partners, represented the buyer and the seller in the deal.Bruno says the property is not being earmarked for a condo conversion, as so many apartment complexes have in the area. “This property is more of a blue collar, working person’s apartment property,” Bruno tells Globest.com. “It’s not a condo conversion.”He says the site is an older building that has been well maintained. “The new owner will be spiffing up the property,” Bruno says. “It has lots of traffic and good visibility. The new owner will take a little more of hands-on approach.”The property is near a medical facility and many of the tenants are nurses and other medical office employees. The apartment complex is located at 900 North Country Club Dr. and is also near a regional mall.Bruno says the seller, a Los Angeles-based limited partnership, is taking the proceeds and looking for bigger, newer multifamily properties. The apartment sector remains a strong buy, with solid fundamentals in place.”Rents are tightening up in the entire Phoenix Valley,” Bruno says. “Concessions have just about gone away throughout the valley.”

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