It was announced Monday that Summit Holdings, LLC, bought Palmera Apartments. The 64-unit multifamily complex is located at 6625 North 17th Avenue in Phoenix, AZ and sold for $2.305M or $46.44 per SF.
Palmera Apartments is currently 95% occupied and the property was recently renovated. The complex consists of 27 one-bedroom units and 37 two-bedroom units.
Neil Sherman and Carrick Sears, multifamily specialists in the Phoenix office of Sperry Van Ness, represented the buyer.
“This was not an easy transaction as there were multiple issues involved. We were delighted to have Carrick Sears and Neil Sherman on our side during multiple rounds of difficult negotiations,” said Alfred Harutunian of Summit Holdings, LLC. “By providing creative thinking and sheer determination, Carrick and Neil were able to overcome a number of obstacles and somewhat unreasonable expectations which existed and get the deal closed.”
The Seller, CalCap Advisors, was represented by Ryan Ash of ARA.