June 10, 2016
Private investor Billah Khan has paid $33 million for the 436-unit Park at Deer Valley Apartments in Phoenix, adding the Class B asset to his growing portfolio of area properties. Bruckal Properties Inc. of British Columbia sold the property at 17425 N. 19th Ave.
The buyer will continue interior and exterior upgrades begun by the seller, which had completed more than $3 million in renovations. The property was 95% occupied at the time of sale.
“This transaction is a prime example of how the combination of off-shore equity and low interest rates create strong financial returns for the buyer,” said Bill Hahn, with Colliers International’s Phoenix office. Hahn and Colliers colleagues Jeff Sherman and Trevor Koskovich brokered the transaction.