Glendale Property Offers Quality Asset with Opportunities for Value-Add Improvements
Phoenix, Arizona – Solano Terrace Apartments at 4715 N. Black Canyon Highway has sold to a California investor for $19 million ($66,000 per unit).
“This property offered a unique opportunity close to the major transportation sources of Interstate 17 and Light rail,” says Bill Hahn, executive vice president with Colliers International in Greater Phoenix. “The community is in good condition, requiring no immediate improvements, but provides many options to add value and increase revenue.”
Hahn, Jeff Sherman and Trevor Koskovich with Colliers International in Greater Phoenix handled the marketing and sale of the Solano Terrace Apartments. 3rd Avenue Investments of Phoenix sold the property to Investment Concepts of Orange, CA. Financing was arranged through Fidelity BanCorp Funding.
Built in 1985, Solano Terrace Apartments is situated on 9.98 acres. The property includes 18 two-story buildings with a total of 288 apartment units. The units range from 450-square-foot studios to 950-square-foot 2BD/2BA deluxe units with washer/dryer. Solano Terrace was 94% occupied at the time of the sale. Solano Terrace apartments feature spacious interiors, private patios, and gourmet kitchens with dishwashers. Some units include in-suite washer/dryers, walk-in closets and breakfast bars. Solano Terrace is a gated community with lush landscaping and mature trees. Common areas include a fitness center, Internet center, BBQ and children’s play area. The property also features two sparkling pools and spa.
Solano Terrace Apartments is situated just south of Camelback Road, a major east-west thoroughfare spanning from Glendale, through Phoenix to Scottsdale. The property is surrounded by convenient grocery stores, as well as two nearby shopping malls. Several schools are located within one mile of the community and Encanto Park is just three miles to the southeast. Demand for rental properties in the area has grown, partially due to the dynamic growth of Grand Canyon University, located less than a mile from the Solano Terrace property.