Newmark Grubb Knight Frank completed the sale of the 301 unit Pine Ridge Apartments located at 2627 N. 45th Ave. in Phoenix.
Karl Abert, Managing Director with Newmark Grubb Knight Franks’ Phoenix office, represented the seller, Lili Rubin Investment Properties, LLC. The buyer, Community Enhancement Group of Denver, CO represented themselves. The property was financed with private equity and is the first acquisition by the Denver based REIT, Pine Ridge Apartments was purchased below replacement cost at just over $7 million. The buyer is planning to complete a full renovation of the property to stabilize the asset as part of their portfolio. Pine Ridge Apartments is the second community that NGKF has marketed and sold for Lili Rubin Investment Properties within the last 12 months.