Sterling Real Estate Expands Value-Add Portfolio with Phoenix Asset
- Jun 26, 2018
Sterling Real Estate Partners, a joint venture between Barker Pacific Group and Pacific Real Estate Partners, has acquired Cambridge Court Apartments, a 286-unit multifamily property in Phoenix. Christian Relief Services sold the asset to the new owner who is planning to remodel the community. According to Yardi Matrix data, the $24 million sale was subject to a $22 million loan held by Blackstone Group.
Located at 5145 N. 7th St., Cambridge Court Apartments is within a 15-minute drive of downtown Phoenix and close to dining, retail and entertainment venues. The 1970-built asset comprises one- and two-bedroom units across 11 three-story buildings. Common-area amenities include two swimming pools, laundry facilities, as well as basketball and tennis courts. The property was 91.3 percent occupied at the time of the transaction.
Sterling Real Estate intends to perform extensive upgrades to the property. The improvements will include rebranding, repainting, adding new amenities, upgrading the office and clubhouse areas and in-unit renovations.“Cambridge Court is in a great location and there is a great opportunity to maximize its value by repositioning and improving the property,” said David Zeff, principal at Sterling Real Estate Partners & Pacific Real Estate Partners’ president, in a prepared statement.
Cambridge Court is Sterling’s third acquisition in 2018 as the company continues to invest in value-add multifamily assets in Phoenix and other southwestern U.S. markets, including San Antonio, Las Vegas, Austin, Texas and Reno, Nev.
Image courtesy of Yardi Matrix