Five Phoenix Apartment Sales Tot Up to Over $117 Million
Two North Phoenix Apartment Complexes Sell for $91.2 Million
Phoenix – Starlight Investments Ltd. of Toronto, Ontario, Canada (Daniel Drimmer, CEO) purchased 634 apartment units in two north Phoenix complexes for $91.2 million ($143,849 per unit blended average). The deal was brokered by Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix. Both acquisitions were made by a limited partnership formed by Starlight U.S. Multi-Family Core Fund, which is managed by Starlight Investments. In one of the transactions, North 7th Street Acquisition LP paid $48.712 million ($135,313 per unit) to acquire the 360-unit Trillium Deer Valley apartments at 20425 N. 7th Street. The seller was 7th and 101 Apartments Phase I LLC (Trillium entity). In the other sale, North 7th Street Acquisition LP paid $42.487 million ($155,064 per unit) to buy the 274-unit Trillium North apartments at 20435 N. 7th Street. The seller was 7th and 101 Apartments Phase II LLC. Maricopa County records show the buyer acquired the properties with a $62.25 million loan from the Canadian Imperial Bank of Commerce. To learn more the CBRE agents can be reached at (602) 735-5555.
Willow Springs Apartments in Phoenix Sells for $13.25 Million
PHOENIX, AZ –Willow Springs Apartments in Phoenix sold for $13.25 million or ($28,312 per unit or $42.66 PSF). The 468-unit, Class C complex at 4715 N. 27th Avenue in Phoenix was built in 1986, and consists of 14 three-story buildings constructed on a rectangular-shaped site, situated on 13 acres, located north of Indian School Road, south of Glenrosa Avenue and west of the I-17. Within 310,596-square-feet of living space, the unit mix is 252 one bedroom/one bath, 108 two bedroom/one bath and 108 two bedroom/two bath apartments.
Resort on 27th LLC of Los Angeles purchased the property from MLCFC 2007-7 North 27th Avenue LLC of Miami Beach, Florida. Bill Hahn, Jeffrey Sherman, and Trevor Koskovich, executive vice presidents with Colliers International’s HSK Multifamily Southwest Team, represented both buyer and seller.
West 35th Apartments in Phoenix Sell for $8.8 Million
Phoenix, AZ – West 35th Apartments, a 144 -Unit, multifamily property sold for $8,820,500 ($61,253 per unit). West 35th Apartments is located at 15615 North 35th Avenue in Phoenix, Arizona. Originally constructed 1983, it was highly renovated in 2011 and 2012. The seller in this latest transaction purchased the property in 2010 through a Freddie Mac short sale process. This was the only known Phoenix large apartment community short sale that Freddie Mac approved of during the latest economic downturn.
West 35th Apartments went through dramatic renovations and as a result of these renovations and its great management, the property has become the submarket leader in rental rates and occupancy. The renovations at West 35th Apartments were in excess of $1 million or approximately $7,500/unit, which is considered a dramatic renovation in the Phoenix apartment industry. The property sits on approximately 4.46 acres of land, with 8 total buildings and a dedicated leasing center. West 35th is a solid and highly sought after “B” class community, with a mix of one- and two- bedroom floor plans.
The buyer, Univest Inc., based in Newport Beach, CA, is an experienced multifamily investor with hundreds of units in the Phoenix market. The seller, ICON Builders, based in Scottsdale, AZ, is an experienced multifamily developer and investor. The Phoenix based ABI Multifamily brokerage team of Alon Shnitzer, Eddie Chang, John Kobierowski, Rue Bax and Doug Lazovick represented both buyer and seller in the transaction.
Apartment Complex in Gilbert Sells for $4.15 Million
Williams Landing Apartments, a 72-unit apartment complex in Gilbert, Arizona, sold for $4.15 million ($57,639 per unit). Williams Landing Apartments is a two-story community consisting of 72 rental units. The property was built in 1982 using frame & stucco construction, with pitched tile roofs. The unit mix is comprised of one and two bedroom apartments housed in 6-two story buildings. Community amenities include a stand-alone leasing office, swimming pool and laundry facilities. The multifamily asset is located in the desirable Gilbert submarket. It is strategically located in the center of the Power Road corridor, determined by planners to be a “road of regional significance.” Williams Landing is the only apartment complex between 50-100 units within this submarket. Jackie Allen, Vice President of Multifamily Investments at ORION Investment Real Estate marketed the property and negotiated the transaction for seller, AMPOL, LLC based in Gilbert and the buyer was Williams Landing LP based in Chicago.