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$26M Brings 264 Units to Canadian Buyer

PEORIA, AZ-Making its second buy in the Valley of the Sun, Murray Hill Developments claims ownership of Desert Harbor Apartments, a 12-year-old complex with a checkered history.

By Amy Wolff Sorter | Updated on August 31, 2013

PEORIA, AZ-Murray Hill Developments Ltd. has made it second buy in the region, acquiring ownership of the 264-unit Desert Harbor Apartments. The Edmonton, Alberta buyer paid $26.6 million to Equity Residential Trust of Chicago for the property.

According to Orion Investment Real Estate’s Alon Shnitzer, the property at 8885 W. Thunderbird Rd. went through the entire marketing process, down to a best-and-final offer. Shnitzer, who represented the buyer, says escrow lasted approximately 75 days.

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