Santerra Apartments, a 128-unit multifamily complex
at 3434 E. McDowell Rd., in Phoenix has sold to a California Investor for
$5,807,500 or $45,371 per door. The sale closed, March 26th.
Todd Braun, Principal at Lee & Associates negotiated the transaction
for the sellers, Santerra Apts, LLC of Scottsdale and for the buyer, Dynamics
Capital Group of Brentwood, Calif.
The property features include a swimming pool, individually metered
units, on-site laundry and children’s play area. It is located on a Phoenix city
bus line and close to area freeways.
“This sale represented an excellent value add opportunity through
strategic capital infusion. The property’s mix of majority two-bedroom
units, 1985 vintage and individual utility metering were all compelling
property characteristics that made this an attractive acquisition
opportunity,” Braun said.