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Local Investors Reap $3.4 Mil in Multifamily Sale

PHOENIX-Oppenheimer Partners Properties walks away with more than $66,000 per unit for the 52-unit Kensington Apartments in central Phoenix. The buyer is an investment group from Berkeley, CA.

By D.J. Burrough | Updated on November 01, 2001

PHOENIX-A 52-unit apartment complex in central Phoenix pulls more than $66,000 per in a $3.4-million sale to Berkeley, CA-based investor, Shaler Phoenix LLC.

Geoffrey Smith is the leader of the LLC that bought the Kensington Apartments at 810 E. Colter St. Eric Hamburger of Oppenheimer Partners Properties LLC, a local entity, is the seller. Ric Holway of Marcus & Millichap in Phoenix negotiated the deal for the seller while the firm’s San Francisco office represented the buyer.

The complex is positioned north of Camelback Road, near the northeast corner of 7th and Colter streets. It is about a mile west of the Squaw Peak Parkway. Nearby amenities include Chris-Town Mall, Camelback Colonnade, Town & Country retail mall and Biltmore Fashion Park. It’s also near the Camelback Corridor, which runs roughly from the Squaw Peak Parkway to 40th Street and includes some of the Valley’s best restaurants, shopping and companies.

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