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S-J Management Collects $21M for Two-Year Hold

PHOENIX-Less than two years after acquiring the Mandarina Apartments as work wrapped up, the Seattle-based investment harvests $20.5 million from the $15.47-million investment, which included pushing occupancy to 98% before bringing it to market.

By Amy Wolff Sorter | Updated on April 15, 2006

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

PHOENIX-Close to two years after acquiring the 180-unit Mandarina Apartments, S-J Management LLC has collected $20.5 million from its sale. The Seattle-based investment group, which had paid $15.47 million as construction wrapped up, benefited from an active market, a growing demand for rental properties and leasing stabilization.

Michael Sauter, S-J Management’s CEO, says the listing attracted multiple offers when it came to market for $20.7 million. S-J Management pushed the complex to 98% occupancy before bringing it out.

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