North Central News

Scottsdale company buys two apartments

Colliers International in Greater Phoenix negotiated the sale of two apartment assets in Phoenix for a combined total of $13.75 million.

Warren House East at 2911 E. Indian School Road consists of 258 units and sold for $10.75 million. Warren House North at 6060 N. 7th St. consists of 67 units and sold for $3 million.

Executive Vice Presidents Bill Hahn, Jeff Sherman and Trevor Koskovich with Colliers’ Phoenix office represented both the seller and buyer. The seller was Warren Properties of Escondido, Calif. The buyer was Mentor Properties, Inc., of Scottsdale.

Mentor Properties, which owns several apartment communities in metro Phoenix, plans moderate upgrades and renovations at both properties.

Warren House East was built in two phases in 1970 and 1972. The property consists of 10 two- and three-story buildings with a total of 136,484 square feet situated on approximately 6.31 acres. The property was 93 percent occupied at the time of the sale.

Warren House North was built in 1966 and includes a two-story building with 27,825 square feet situated on approximately .82 acres. The property was 87 percent occupied at the time of the sale.

 

 

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