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December 15, 2018
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Phoenix Apartment Community Trades Hands in $16 Mil Transaction


Mission Palms, a 125-unit apartment property in Phoenix, was purchased for $16 mil ($128k/unit) by Phoenix-based Clear Sky RES Properties, an entity formed by Clear Sky Capital. The asset was sold by JM Emerson LLC of Cherry Hills Village, CO.

Mission Palms is a boutique, garden-style apartment community located at 6131 North 16th St in North Central Phoenix. The property’s location on North 16th Street provides easy access to Camelback Corridor, Midtown and Downtown as well as Biltmore Fashion Park, the AZ-51 and the Phoenix Mountain Preserve.

Built in 1975, Mission Palms offers one- and two-bedroom options with an average unit size of 833 sf. Unit interiors include all-electric kitchens, spacious walk-in closets and private patios/balconies.

David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller. According to Fogler, the buyer plans to significantly improve Mission Palms to take advantage of the recent dynamic growth in the North Central area.

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