PHOENIX—Colliers International in Greater Phoenix recently completed the sale of Promenade at Desert Sky, a 300-unit, class B apartment complex in Phoenix, for $11.85 million, or $39,500 per unit. Desert Sky Estates, LLC, of Woodmere, NY, purchased the property, at 6233 W. Thomas Road, from WT Promenade LLC of Englewood, CO.

Bill Hahn, Jeffrey Sherman, and Trevor Koskovich, senior vice presidents with Colliers International's HSK multifamily southwest team, represented both buyer and seller.

Sherman tells GlobeSt.com the Maryvale submarket, in which the apartments are located, has seen some tough times. “It was hard hit during the downturn,” he says, “with lower rents and higher vacancies—much of it due to SB1070. But the past 12 months we have seen a lot of success in this submarket with lower vacancies and pushing rents.”