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R.K. Properties Sells Del Mar Apartments for $27 Million

California Investor Buys 99% Leased Apartment Complex in Phoenix
The 144-unit Del Mar Apartments in Phoenix was 99% leased at the time of sale. (CoStar)
The 144-unit Del Mar Apartments in Phoenix was 99% leased at the time of sale. (CoStar)
By Markus Franklin
CoStar Research
February 11, 2020 | 3:06 P.M.

Long Beach, California-based R.K. Properties has sold the 99% leased Del Mar Apartments in Phoenix to Storm Properties, a full service investment and development firm headquartered in Torrance, California, for $27 million, or about $188,000 per unit.

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