California Investor Buys E. Phoenix Apartments For $5.8 Million

PHOENIX - April 22, 2015 - PRLog -- 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.

For more information on Lee Apartment Group:

Todd Braun, Principal
602.474.9550; tbraun@leearizona.com

Dave Lord, Principal
602.954.3779; dlord@leearizona.com

Will Barnard, Associate
602.912.3521; wbarnard@leearizona.com

About Us:

Lee & Associates Arizona specializes in providing exceptional commercial brokerage services to the industrial, office, land and investment sectors of the Phoenix commercial real estate market. The Phoenix office was established in 1991 and is now recognized as one of the most successful brokerage firms in the state. Each of our nationwide Lee & Associates offices has a strong local ownership combined with a powerful platform from the national Lee & Associates network.