Scottsdale Investors Strike Another Apartment Deal

GLENDALE, AZ-Scottsdale investors Jeff and Kathy Flores continue their buying binge of Valley apartments, spending about $1.3 million for the 40-unit Glenwood Apartments.

Paradise Valley investor Doug Vaughn is the seller of the complex at 8009 W. Oregon Ave. He has received about $32,000 per unit in a deal negotiated by Tom Hershey and Matt Zelazny of the Scottsdale office of Sperry Van Ness Mullin.

Glenwood Apartments is located north of Camelback Road and about a half mile west of 75th Avenue. It is the couple’s fourth purchase in a year. In another recent deal, they also have spent about $1.2 million for the 40-unit Mountain Manor, an apartment complex at 4902 E. Willetta St. in Phoenix. The price equates to $29,625 per unit. Late last year, they bought the 64-unit Northview Estate in Phoenix for a little more than $2 million and the 47-unit Crest Apartments, also in Phoenix, for more than $1.5 million.