STERLING REAL ESTATE HOLDINGS ACQUIRES SUMMERHILL APARTMENTS IN PHOENIX

Sterling Real Estate Holdings, the joint venture between Barker Pacific Group (BPG) and Pacific Real Estate Partners (PREP), has acquired Summerhill Apartments: a 1970s-era, 130-unit property located at 2925 North Greenfield Road in Phoenix.

With its acquisition of Summerhill last month and the Cielo apartment complex in 2015, Sterling now owns three properties in two markets with a total of 635 units.

Similar to previous deals, Sterling secured financing through Matt Steffen at Walker & Dunlop, while Cushman & Wakefield’s Jim Crews and Brett Polachek brokered the property sale.

Many interiors of the Summerhill Apartments have already been significantly renovated, so the management team plans to focus on improving various exterior features of the property, including paint, landscaping, lighting, branding, and signage.

“Summerhill is located in a developing market and is in good condition, and we’re excited to add it to our growing portfolio,” says David Zeff of PREP. “We look forward to its full renovation, which will add value both to the asset and the marketplace as a whole.”

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