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Monte Vista Gardens Sells 143-Unit Canyon Palms Apts. for $6.2M

Private Investor Acquires Gated Multifamily Complex in Phoenix
March 2, 2018
Monte Vista Gardens, a local multifamily complex investment and management company, sold the 143-unit Canyon Palms apartment complex in Phoenix to a CA-based private investor for $6.2 million, or approximately $43,000 per unit.

The garden-style, gated community at 6236 N. Black Canyon Fwy. comprises one-bedroom units in five, three-story buildings. Canyon Palms is near the Valley Light Rail. The apartment complex delivered in 1982 and was 85 percent occupied at the time of sale.

Darrell Moffitt and Ric Holway of Berkadia Real Estate Advisors represented the seller, which has owned Canyon Palms since August 1999.

Please see CoStar COMPS #4130380 for more information on this transaction.
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