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Mission Palms Apt. Complex Flips for $16M in Phoenix

Clear Sky Capital Sells 125-Unit, Fully-Leased Asset
February 9, 2018
Clear Sky Capital, a local private equity investment firm, sold the 125-unit Mission Palms apartment complex at 6131 N. 16th St. in Phoenix to a private investor for $16 million, or $128,000 per unit.

Mission Palms comprises one- and two-bedroom units ranging from 613 to 1,100 square feet. The 10-building, garden-style multifamily complex is 100 percent occupied.

David Fogler and Steve Nicoluzakis, executive managing directors of Cushman & Wakefield, brokered the sale on behalf of Clear Sky Capital, which acquired Mission Palms in 2011 for $6.25 million, according to CoStar data.

Fogler added that the new owner plans to carry out a value-add initiative to capitalize on improved market fundamentals in the North Central area.

Nicholas Steele of Marcus & Millichap represented the buyer.

Please see CoStar COMPS #4123152 for more information on this transaction.
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