A 224-unit Phoenix apartment community near Metrocenter Mall was sold by Pacific Real Estate Partners Inc. to Dalan Management for $14.35 million, according to Marcus & Millichap, which worked on the deal.
The apartment community, Sterling on 28th, is situated on 8.09 acres, includes one, and two-bedroom/two-bath apartments with fully equipped kitchens, large pantry spaces, ceiling fans, closets and private patio/balcony.
Cliff David and Steve Gebing, senior director of Marcus & Millichap’s Institutional Property Advisors (IPA) division, represented the seller, Pacific Real Estate Partners Inc., and procured the buyer, Dalan Management.
Developed in 1980 by Architectural Development Corporation, the property is located at 11821 N. 28th Dr. in Phoenix, one mile north of Metrocenter mall and just outside the boundary of the North Mountain Redevelopment Area (NMRA).
“Sterling on 28th is a well-positioned asset that recently received a multi-tiered capital plan that included exterior enhancements and rebranding, along with the initiation of an interior renovation program,” says David, a senior director of Marcus & Millichap’s National Multi Housing Group in Phoenix. “With this acquisition, new ownership will deploy an astute, hands-on operational approach and will continue unit interior renovations, which will allow them to leverage the seller’s strategic improvements in an effort to further reposition the asset. The property also occupies space within a submarket that is experiencing notable gentrification, particularly with the transition of the 1.2 million-square foot Metrocenter mall, a one-time national flagship retail destination that is slated to morph into a different collection of uses while remaining retail centric.”