PHOENIX, Arizona – Cushman & Wakefield represented 4337 North 53rd Lane, LLC, an entity formed by CALCAP Advisors of Pasadena, Calif., in the sale of The Colony. WREF Colony, LP, an entity formed by Western Wealth Capital of North Vancouver B.C., Canada, purchased the property located at 4337 N. 53rd Lane in Phoenix for $25.1 million.

Executive Managing Director Jim Crews of Cushman & Wakefield’s Phoenix office represented the seller. Crews stated, “Our Canadian buyer continues to add to their existing portfolio. They see continued investment upside with Phoenix multi-family fundamentals, including population growth and projected rent growth well above the national average.”

The Colony is a 236-unit, one and two-story, garden-style complex built in 1979. The property is composed of 41 buildings with a mix of both one and two-bedroom unit types, including 93 single-story casitas. The units feature large floor plans with walk-in closets and an average unit size of 825 square feet. “This property is well positioned for interior upgrades including washers/dryers, appliances, flooring and general updates,” Crews added.

Offering convenient access to the I-10 and I-17 freeways, The Colony is approximately three miles from Grand Canyon University. The property also offers residents easy access to multiple shopping, recreation and dining options including Walmart SuperCenter, Ross Dress for Less, Walgreens, CVS and Grand Canyon University Golf Course. In addition, the property is within walking distance to the Maryvale Community Center, YMCA, Palo Verde Library and the Maryvale Baseball Park.

PHOENIX, Arizona – Located near the Central Avenue Corridor, one half mile south of Thomas Road and 7th Street, this 5,500-square-foot freestanding building sold for $735,000, or $134 per square foot. The property benefits from good exposure along 7th Street, with over 41,000 vehicles passing per day.

Nick Miner, CCIM and Andrew Harrison of ORION Investment Real Estate exclusively represented the Buyer, MRC Holdings, LLC. Miner said, “This was an owner/user sale. The Buyers have plans to extensively remodel the property for their use of a PR and law firm. They liked the location to the local amenities, including restaurants, and proximity to downtown Phoenix.”

The Seller, Magnacca, LLC, was represented by Justin Horwitz and Paul Borgesen of SVN/Desert Commercial Advisors.

Sterling Continues to expand in Phoenix, Acquires 301-unit apartment project, Villas De Azul Apartments

Phoenix, AZ –Sterling Real Estate Partners continues to expand in Phoenix, Arizona and has acquired the 301-unit Villas de Azul Apartments. Sterling has acquired over $100M in three transactions this year.

Villas de Azul was built in 1972 and consists of 32, two-story buildings on 17 acres with a park-like setting that includes spacious courtyards and mature landscaping. Other community amenities include three swimming pools, a playground, two basketball courts, resident clubhouse and three laundry facilities.

“Villas de Azul is a unique investment opportunity to acquire an asset significantly below replacement cost in a central workforce housing location,” said David Zeff, Sterling Principal. “We look forward to initiating our business plan, enhancing the property, and bringing value to the area.”

Sterling plans to reposition the asset by adding new family friendly amenities, implementing ‘green’ initiatives, enhancing site curb appeal with new landscaping, and correcting deferred maintenance. Significant value-add opportunities are also available through improving current property operations and capitalizing on the high number of three-bedroom units at the property, which the neighboring properties lack.

“We are excited to maximize the project’s potential and Villas de Azul will be a showcase for the Sterling team’s core business strategy,” said Michael Barker, Sterling principal. “The property will benefit from the strong population growth in the Phoenix MSA.”

Phoenix is the fastest-growing city in the country, according to newly released estimates from the U.S. Census Bureau. Phoenix welcomed 25,288 new residents between 2017 and 2018. Phoenix remains the fifth most-populous city with a population of 1,660,272, according to Census data.