PHOENIX—Sonoma Valley LLC of Scottsdale purchased Indian Wells,a 176-unit class B multifamily complex in Apache Junction, from CSFB 2004-C5 Apache Apartments, LLC a subsidiary of LNR partners of Miami Beach. The asset is located at 975 S. Royal Palm Rd. and sold for $9.66 million, or $54.886 per unit.
Bill Hahn, Jeffrey Sherman, and Trevor Koskovich, senior vice presidents with Colliers International's HSK Multifamily Southwest Team, represented both buyer and seller.
The complex was developed in 2001 under the Federal Low Income Housing Tax Credit Program. A foreclosure led to the removal of rent restrictions, elimination of compliance requirements for operating the property, and ultimately the late 2014 sale.
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