Huntington Apartment Sells at Nice Return
ByBlock your calendar for two outstanding events in Scottsdale. RealShare PHOENIX METRO and RealShare HEALTHCARE REAL ESTATE on December 2-3.
The Huntington is in close proximity to Arizona State University.
TEMPE, AZ—The Huntington Apartments have been sold for $34.6 million, netting Gelt investors a cumulative return of approximately 54% and an annualized return of approximately 36% during the 18-month ownership period. The Huntington, which is located at the intersection of Mill Ave and the 60 freeway, is in close proximity to Arizona State University and numerous high-profile employers. The property was purchased from Bank of America Development Corporation as two separate assets, Mill Pointe and 201 West, for a total of $27.35 million.
Keith Wasserman of Gelt tells GlobeSt.com: “The Huntington provided us a great opportunity to increase NOI ahead of schedule and realize a sales price that exceeded our investors’ return threshold in an accelerated amount of time.”…
