Sterling Real Estate Partners Closes on 286-Unit Res Buy in Phoenix

Sterling Real Estate Partners has acquired Cambridge Court Apartments, a 286-unit multifamily property in Phoenix, in a recent $24 mil ($84k/unit) transaction. The property is located at 5145 North 7th St, in the city’s Uptown submarket. 

Built in 1970, Cambridge Court sits on over five acres and consists of 11 three-story buildings. Some of the common area amenities include two swimming pools, a basketball court, and outdoor gathering areas for residents. Sterling plans to upgrade the property by rebranding the complex with new signage and paint, adding new amenities to the common areas, updating the office and clubhouse areas, and renovating interior units. 

Sterling Real Estate Partners is a joint venture between Barker Pacific Group and Pacific Real Estate Partners. Cliff David with Marcus & Millichap brokered the deal. 

According to David Zeff, Principal at Sterling Real Estate Partners and PREP’s President, Cambridge Court offers a great opportunity to maximize its value by repositioning and improving the property. Cambridge Court is Sterling’s third acquisition in 2018 as the firm continues to focus on investing in value-add multi-family assets in Phoenix and other southwestern U.S. markets, including San Antonio, Austin, Las Vegas, and Reno.