Cooke represented the seller, a lender who wanted to remain anonymous. Scott Eschelman of Preferred Capital Advisors in Los Angeles and Trevor Kosovich of Colliers HSK Group in Phoenix represented Summit Equity in the acquisition.

Cooke tells GlobeSt. the property underwent major interior and exterior renovations and upgrades in 2006 and 2007. “Because of the renovations, the property showed very well,” she notes.

At the time of closing, Autumn Ridge was 91% occupied – a significant improvement from earlier in the year when Cooke first began marketing the property. “There is significant upside in increasing rents in the future and continued improvement in occupancy,” Cooke says, adding that Summit Equity will also because able to increase the property’s value by improving operational performance.

The acquisition of Autumn Ridge brings Los Angeles-based Summit Equity’s Phoenix portfolio to three properties. In total, the firm owns 1,036 units in the Phoenix market.

“This purchase is in line with our philosophy of acquiring underperforming and improving assets to which we can add value,” says Summit Equity co-CEO Ryan Lynch. “Autumn Ridge is a well-leased multifamily community in an improving market. SEI is currently reviewing other similar properties for acquisition throughout the Western United States and expect to make similar acquisitions in the coming months.”