Santerra Apartments, a 128-unit multifamily complex at 3434 E. McDowell Rd., in Phoenix has sold to a California Investor for $5,807,500 or $45,371 per door. The sale closed, March 26th.
Todd Braun, Principal at Lee & Associates negotiated the transaction for the sellers, Santerra Apts, LLC of Scottsdale and for the buyer, Dynamics Capital Group of Brentwood, CA.
The property features include a swimming pool, individually metered units, on-site laundry and children’s play area. It is located on a Phoenix city bus line and close to area freeways.
“This sale represented an excellent value add opportunity through strategic capital infusion. The property’s mix of majority two-bedroom units, 1985 vintage and individual utility metering were all compelling property characteristics that made this an attractive acquisition opportunity,” Braun said.
The Lee Apartment Group features veteran multifamily Principal Dave Lord, Braun and Associate Will Barnard. The team is focused on key property sale opportunities, investment and land sites throughout the Phoenix metropolitan area.
