PHOENIX-A Las Vegas property owner has pulled $9.9 million for one of its two multifamily complexes from a buyer in its hometown. Bigelow Cos. is the seller and FLM Enterprises is the buyer of Sunplace Apartments, a 22-year-old, 483-unit complex at 1950 N. 43rd Ave. in Phoenix.

Brad Goff, Insignia/ESG managing director in Phoenix, says the buyer “was looking to add to its Arizona apartment portfolio. This complex gives them five in the Valley now.” Momar Properties LLC is the buyer of record. Its parent firm, FLM, also owns the Arbor Village, Mountain Vista, Place One and North Palms multifamily properties.

Goff says Sunplace is the company's largest property in the Phoenix area. The complex has some unique attributes, such as an average unit size of 393 sf and average lease rates of $431 per month. The rent gives the buyer an opportunity for some upside potential in rent pricing. “This complex has one of the lowest aggregate rents in the Valley,” he adds. FLM intends to immediately add value by installing gates and lighted parking at the class C holding.