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July 17, 2018
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Sterling Real Estate Holdings Acquires 130-Unit Residential Property in Phoenix


Sterling Real Estate Holdings, a joint venture between Barker Pacific Group and Pacific Real Estate Partners, has acquired Summerhill Apartments, a 130-unit multifamily property in Phoenix, for $9.3 mil ($71.5k/unit). The 1970s-era property is located at 2925 North Greenfield Rd, north of Thomas Rd and east of Hwy 51.

Sterling plans to add value to the property through a complete renovation. Many interiors of the Summerhill Apartments have already been significantly renovated, so Sterling plans to focus on improving various exterior features of the property, including paint, landscaping, lighting, branding, and signage.

Cushman & Wakefield’s Jim Crews and Brett Polachek represented the seller of the property, Summer Hill URMTA LLC of Mesa, AZ. Sterling Real Estate Holdings repped themselves in the deal. Sterling secured financing through Matt Steffen at Walker & Dunlop.

With its acquisition of Summerhill last month and the Cielo apartment complex in 2015, Sterling now owns three properties in two markets with a total of 635 units. The company plans to continue pusuing similar opportunities in key markets in Arizona, Nevada, and Texas.

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