Hendricks & Partners arranged the sale of the Jefferson Steele Park and Jefferson on Central apartment properties in Phoenix, Ariz.
The two class A properties sold for an aggregate $62.5 million.
A unit of JPI Properties headquartered in Austin, Texas, sold the properties to Montvale, N.J.-based Empire Equities. It was the first major apartment acquisition for Empire west of the Mississippi River. Empire will be changing the names of the properties to Emperion on Central and Emperion Steele Park.
Mark Forrester and Bob Bruno of the Phoenix office of Hendricks & Partners negotiated the transaction.
Hendricks & Partners is a national advisory firm focused exclusively on the sale of multifamily properties.
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