Phoenix, Arizona – CBRE facilitated the sale of the 130-unit multifamily community Country Villa to Everest Holdings for $25.95 million ($200,000 per unit).
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller, ColRich Group.
Located at 950 N. Gilbert Road, County Villa was built in 1986 and includes one- and two-bedroom units in all two-story buildings. The low-density garden community features a swimming pool and spa area with covered barbeques, a fitness center and children’s playground.
“Value-add communities are in high demand, and Country Villa is a well-maintained community with strong upside potential,” said Cunningham. “Phoenix economic fundamentals are among the best in the nation, and investors are drawn to the region’s positive long-term outlook.”
Metro Phoenix added approximately 106,000 new residents in 2020, the second-highest population growth of all U.S. metros. The average multifamily rent in Gilbert increased 6.6 percent year-over-year in Q1 2021 compared to the national average of -4.2 percent.
“Country Villa was an excellent fit for our investment criteria, and we look forward to adding value to the community for residents and our investors,” said Everest Holdings principal Michael Gusich.
Scottsdale-based Everest Holdings works with a broad spectrum of investors, including fund managers, family offices, foundations and high net worth individuals. Over the past decade, Everest has acquired approximately 2.5 million square feet of commercial and multifamily assets, including over 1,350 multifamily units, 1.1 million square feet of office assets and 200,000 square feet of other commercial assets including retail and hospitality.
ColRich is a residential real estate construction and investment firm with properties located throughout the Western United States. The company operates in both the for-sale and rental space. ColRich currently manages a portfolio of approximately 17,000 units, with a focus on creating value through strategic renovations to generate long-term cash flow for its investors.