Los Angeles Development Firm Pays $117 Million for Phoenix Apartments

Article originally posted on CoStar on March 12, 2021

The Montreux apartment complex was built in 2020. (CoStar)

The Statesman Group of Companies has garnered a premium price in the sale of Montreux, a luxury apartment property in the Desert Ridge area of North Phoenix.

The developer sold the 335-unit project at 5550 E. Deer Valley Drive to Los Angeles-based investment and development company Pacific Development Partners for $117 million, according to sales documents in CoStar.

The sale price of $349,254 per unit is much higher than the market price for similar properties in the area. Four- and five-star apartments nearby sold for an average of $317,600 per unit in 2020, according to CoStar Market Analytics.

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