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11/25/16
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A 6.48-acre development site in Phoenix sold for $4.575 mil. Prior to the sale, the buyer obtained approval from the City of Phoenix to develop a 240-unit apartment complex.
The property is located at 4633 East Van Buren. The site location is convenient to the apartment demand generators of East Phoenix, in and around Sky Harbor International Airport, Tempe, and Scottsdale.
Mark Forrester, Ric Holway and Associate Tom Wolff of Berkadia represented the seller, an entity of Risi Companies out of Laguna Beach, California. The buyer was EMF Van Buren, LLC (Encore Multi-Family, LLC) out of Dallas.
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