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Phoenix & Southwest  + Phoenix  + Apartments  |  August 18, 2022
176- unit Apache Junction Apartment complex sell for $44.5 Million
Mike Boyd
By: Mike Boyd

Far-East Phoenix Suburb Site for Apartment Rental Trade

FSO Realty purchased the 176-unit Sonoma Valley located in Apache Junction, about 30 minutes east of Downtown Phoenix, for $44.5 million. The price per apartment unit was $252,000.

Northmarq represented the seller, Scottsdale-based Sonoma Valley. Northmarq’s Jesse Hudson has more on the buyers motives, “The buyer was attracted to the property because of its long-term low-interest rate assumable debt.”

Built in 2001, the garden-style property includes 11 two-story buildings on 9.9 acres. The units average 1,000 square feet. The community includes a pool and hot tub, fitness center, picnic areas, basketball court and playground.

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Inside The Story

Jesse Hudson

About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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