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The Monte Verde Apartments sold last Thursday through a bank sale from a CMBS reversion portfolio to California-based FPA Multifamily for a total of $33 million, or $75,860 per unit. CW Capital, the special servicer, claimed the property previously at trustee auction in July of 2009.
The Monte Verde Apartments consist of 435 units in fourteen three-story buildings built in 2004. It is located at the direct northeast corner of 36th Street and McDowell Road, just a quarter mile north of the Red Mountain Freeway. Floorplans of one, two, three, and four bedrooms make up its unit mix.
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