PHOENIX-Summit Equity Investments Inc. beat out 30 other investors to acquire Autumn Ridge, the largest apartment property to trade this year in the Valley.
In foreclosure since 2009, the 672-unit, class B complex sold for $27 million. Despite its status as a distressed asset, local experts estimate Autumn Ridge traded for a sub-5% cap rate.
Situated on 31 acres at 1944 West Thunderbird Rd., Autumn Ridge was built in 1979. It offers a mix of one, two and three-bedroom units. Amenities include two remodeled clubhouses, state-of-the-art fitness center, four resort-style swimming pools, two spas, two tennis courts, sports court, sand volleyball court and two playgrounds.
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