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December 15, 2018
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AZ Apartment Property Goes for $43k/Unit


An AZ-based investment entity paid $6.2 mil for Canyon Palms, a 143-unit ($43k/unit) multifamily apartment building situated just west of Black Canyon Fwy in Phoenix. The seller, Monte Vista Gardens LLC, is also an AZ-based private investor.

The property consists of all one-bedroom units and is master-metered. Canyon Palms is conveniently located along the Black Canyon Freeway, placing residents within a short commute of numerous shopping centers, health care providers and Grand Canyon University.

The buyer plans to first tighten up operations, update interiors as they turn, and improve onsite amenities with a dog run and playground.

Darrell Moffitt, Ric Holway and Dan Cheyne of Berkadia’s Phoenix office represented the seller in the transaction. The buyer was Canyon Palms Enterprises LLC.

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