Quail Point multifamily sale

Buyer may hike rents after making upgrades

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The Quail Point Apartments in Phoenix, Ariz., have sold for $15 million. New Castle Investments LLC of Phoenix purchased the property from Phoenix-based Pro Properties. The complex, built in 1988 and located at 3045 N. 67th Ave. contains 264 units totaling approximately 196,206 square feet. According to Todd Braun, senior director with Cushman & Wakefield of Arizona, which brokered the deal, the property "offers a great opportunity for increased rental rates following some capital infusion." ...