$10M Phoenix apartment sale

Hawaiian investor named as buyer

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Honolulu-based Hirano Enterprises has paid $10 million for an apartment complex in Phoenix, Ariz. The seller, Gilbert, Ariz.-based Jackson Properties, unloaded the 96-unit Sun Terrace community at a price that represents $104,167 per unit. Located at 16802 North 31st St., Sun Terrace Apartments consists of 12 two-story buildings situated on a 4.6-acre lot. Built in 2000, the apartment community features all two-bedroom/two-bathroom floor plans averaging 1,040 square feet. Community amenities include a swimming pool and heated spa, picnic and barbeque areas surrounded by desert landscaping, assigned covered parking with additional guest parking, electronic gate access and a residential clubhouse. ...