PHOENIX—Clear Sky Vintage, LP (Clear Sky Capital, Marcus Kurschat, principal) purchased The Vintage, a 106-unit apartment community at 1303 W. Juniper Ave. in Gilbert, for $14.25 million ($134,434 per unit). The seller was Vintage Gilbert, LLC (Matt and Sam Blank, Darryl Berger, Rustin Randal, principals).
DTZ executive managing directors David Fogler and Steven Nicoluzakis represented Clear Sky Capital during the transaction.
Fogler tells GlobeSt.com, “This asset is located in a good demographic with great job growth and strong employment—it's a solid path of progress area. This year 2000-built property has the amenities to compete in the market with a light value add component. This was an off-market purchase and the buyer has a strong track record in Phoenix,”
The Vintage was slated for a condominium conversion prior to being purchased by the seller through a Trustee Sale in 2013. The complex features large studio loft, one-, two-, and three-bedroom units averaging over 1,150 square feet, with attached and detached garages, a clubhouse with fitness and business centers, swimming pool and spa and gated entrance.
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