Buyer's First Acquisition in Arizona
Phoenix, Arizona – The Bella Gardens community at 2634 N. 51st Ave. has been sold to a local investor for $8.5 million. The 11-building property is the first Arizona investment for Supertiger Phoenix Property, LLC.
“This community is in excellent condition, yet offers unique opportunities for capital improvement and rent growth,” says Trevor Koskovich, executive vice president of Colliers International in Greater Phoenix. “The 1980s-vintage community is situated in a popular area and is poised for modernization and greater success as an investment.” The property was 96 percent occupied at the time of the sale.
Koskovich, Bill Hahn and Jeff Sherman of Colliers International in Greater Phoenix negotiated the sale transaction. Paseo Garden Apartments LLC, an Arizona-based limited liability company sold the community to Supertiger Phoenix Property, LLC.
Bella Gardens consists of 11 three-story buildings totaling 99,000 square feet of space. The project sits on a 6.10-acre site and was constructed in 1981. The 214 apartment units range from studios to 3-bedroom in configuration. Bella Gardens features a variety of community amenities, including gated access, tennis courts, volleyball courts, picnic area with barbecue, a business center, children’s play area and laundry facilities.
Located one block south of Thomas Road, Bella Gardens is just one mile north of Interstate 10 and the Loop 101 is less than five miles to the west. The immediate neighborhood features single-family homes, multifamily communities and commercial/industrial developments. The property is close to a wide variety of schools, medical facilities and retail amenities. Maryvale Stadium, home of the Milwaukee Brewers Training Center is less than one mile from Bella Gardens. Student residents benefit from very close proximity to Arizona State University – West Campus, Grand Canyon University and University of Phoenix – West Campus. The expansion of Grand Canyon University has provided a significant increase in demand for housing in the area.