Sterling Real Estate Partners, a value-add focused real estate investment company, announced the sale of Seventh Apartments, one of the trendiest multi-family properties in Uptown Phoenix. This is Sterling’s ninth sale in Phoenix, totaling $155 million.
The 286-unit multifamily community is positioned on over five acres and is characterized by its vibrant, mid-century influenced architecture and recently modernized common area amenities. The property is in an excellent location at 5145 N 7th St., just north of Seventh Street and Camelback Road. Sterling Real Estate Partners acquired the property in June 2018 and invested $2 million into the property. Sterling converted the courtyards into an outdoor gaming area and a state-of-the-art indoor fitness center with outdoor yoga yard, transformed a dilapidated tennis court to a dog park, and did a complete remodel of the leasing office and clubhouse. Unit interiors were also renovated with modern style finishes, stainless steel appliances, and granite countertops.
Sterling President, David Zeff stated, “This was a very gratifying investment, and we are excited for more opportunities like this one. Due to the extensive capital improvements, Seventh is now up to date with current multi-family trends.” The implementation of Sterling’s 6-point value add strategy allowed them to sell the property for $134,000/unit. “Sterling invested a great deal of equity to improve the quality of living for each resident,” said Zeff. This acquisition was brokered by Cliff David and Steve Gebing at IPA.
Sterling Real Estate Partners is known for their strong relationships and reputation for integrity and reliability. Sterling is actively pursuing additional opportunities in Arizona and Texas. For more information contact David Zeff (602) 396-5135, Chris Bade (602) 820-8318 or please visit www.sterling-partners.com