Phoenix Apartment Complex Trades for $11.3M in Off Market Transaction

Desert Place Apartments recently sold for $11,300,000 ($43,462/unit). The 260-unit property spans across ±7.83 acres with excellent frontage along 27th Avenue. Near the I-17 Black Canyon Freeway, Desert Place has easy access to freeways, schools (Grand Canyon University), hospitals (Abrazo Medical Group – Bethany), shopping (Christown Spectrum Mall) and dining. The property is located in a well-established Phoenix submarket.

Bob Farrell, Vice President of ORION Investment Real Estate, facilitated the off-market sale.

 

Phoenix-based Jevan Capital, Pllc was the Buyer in this transaction. The Seller was IPA Phoenix-Foxwood, LLC based out of Michigan.

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