SUNTREE APT COMMUNITY SELLS FOR $8M

PEORIA, ARIZ. – The 216-unit Suntree apartment community in Peoria has sold to Monterey Pines Apartments, LLC, for $8,108,000. Monterey Pines plans to renovate and rebrand the complex, which was built in 1984. It will retain MEB Management Services to manage the property. Steve Gebing, Cliff David and Rich Butler of Marcus & Millichap’s Phoenix office listed the property exclusively on behalf of Jodi Sheahan, the court-appointed receiver for certain assets of Suntree Apartments LLC.