Phoenix, AZ – Situated on a hilltop in Show Low, Arizona, this 36-unit apartment complex built in 2000 sits on a 3.4 acre lot and recently sold for $3,650,000 ($101,388 per unit). Managing Director, Neil Sherman CCIM and Dana Hearon from Sperry Commercial – Insignia CRE in Phoenix represented both the buyer and the seller in the transaction.
The property is located at 4850 S. White Mountain Road and includes a great mix of four (4) one bedroom, one bath units, twenty-eight (28) two bedroom, two bath units, and four (4) three bedroom, two bath units with a large unit size of 975 square feet. The apartments are individually metered for utilities with individual split A/C systems and come with a full-size washer & dryer and garage for each unit. The property previously had numerous foundation issues due to the nature of the hillside construction, leading the seller to invest more than $500,000 for engineering and repairs before putting it on the market. Neil Sherman stated, “Many times these transactions come down to two parties who are truly committed to a “win-win” situation all the way around.” Show Low is made up of predominantly affordable housing and tax-credit (LIHTC) projects throughout the community, however Mountain Top Village Apts. is by far the nicest ‘market-rate’ property in the area. There is also a waiting list of prospective tenants anxious to lease an apartment once one becomes available.
Co-broker Dana Hearon said, “The buyer and seller were laser-focused on getting this deal closed.” It took a lot of time, energy and patience from both parties.” The sellers, Maurice and Beverly Stewart and the buyer, Art Hasan worked together with the Insignia CRE advisors to procure the necessary financing and get this deal closed on schedule. Hearon said, “The property is well-positioned to capitalize on the strongest multifamily market we’ve seen in decades.” The buyer is expanding and adding to his Arizona multifamily investment portfolio.
For more information on buying or selling a multifamily property in Arizona, please contact Neil Sherman at (602) 566-7210, or by email at [email protected]. Dana Hearon can be at either (602) 566-7203 or [email protected].