crefeed.com | JV acquires 832 units in Phoenix for $85M

4/9/2008

JV acquires 832 units in Phoenix for $85M

Deer Valley Village Apartments

A joint venture between Sterling American Property, Inc. and Salt Lake City, Utah-based Thompson Michie Communities has purchased the Deer Valley Village Apartments in Phoenix, Ariz., for $85.2 million from Los Angeles-based SCI Real Estate Investments.

The seller was represented by Tyler Anderson of CB Richard Ellis. The $85 million transaction represents the biggest apartment deal so far this year, according to Anderson.

The Deer Valley Village Apartments are located at 3010 West Yorkshire Drive. Built in 2000, the complex contains 832 units with a mix of one, two and three-bedroom apartments. Sterling plans to invest $2 million in upgrades to the property's interior and exterior.

Anderson is a vice chairman with CBRE's Institutional Group in Phoenix. He joined the firm in 1983 and has been involved in the sale of more than 141,000 apartment units since that time.

Address: 3010 West Yorkshire Drive, Phoenix, Ariz.

Size: 832 units

Built: 2000

Filed Under: Multi-Family

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