Class B Multifamily Asset Swaps for $6M

MESA, AZ-A Beverly Hills, CA, investor has acquired Brookfield Apartments for $5.8 million from Brookfield Group of St. Louis Park, MN, which is closing the door on Arizona.

The 124-unit complex at 12021 N. 43rd Ave. in Mesa is Richard Engel’s second apartment acquisition in the Valley. However, he entered the Phoenix market in the mid-1990s and focused on shopping centers, says Bert Kempfert of CB Richard Ellis Inc.

Kempfert tells GlobeSt.com that Brookfield Apartments received about 10 offers. “A class B property that is stabilized and in good condition is a very popular deal today,” he says. Kempfert represents the seller, which has just one more multifamily property to sell before it closes the door on Arizona.

Built in 1984, the 95%-leased Brookfield Apartments is situated on 4.7 acres at one of the city’s busiest intersections–43rd Avenue and Cactus Road. The complex boasts 72 one-bedroom units and 52 two-bedroom units. The average unit is 669 sf; the average rent is $591 per month.

Kempfert says Engel used 1031 Exchange money to acquire the asset and paid cash. Steve Weber of the Peak Investor Group in Mesa bargained the sale for Engel.