Utah Investor Lassos $3.1 Mil for Apartment Complex

PHOENIX-A private investor from Utah has snared $3.1 million for the 98-unit Silver Tree Apartments in west Phoenix. For buyer Highgate Properties of Los Angeles, that equates to putting up more than $31,600 per unit.

Doug Fielding of Marcus & Millichap’s Phoenix office brokered the deal for seller Scott Keller of Bountiful and buyer. The Silver Tree Apartments is located at 4336 N. 35th Ave., on the northwest corner with the Indian School Road intersection. The complex is about a mile west of Interstate 17. Nearby amenities include Grand Canyon University, which is less than a mile away, Phoenix College and Chris-Town Mall.

West Phoenix’s average vacancy rate is about 6.9% in comparison to the Valley’s overall average of 6.6%. Apartments in the submarket are fetching about $512 per month whereas the Valley average is $668.