PHOENIX, Arizona – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Villa Serena, a 137-unit apartment property in Phoenix, Arizona. The asset traded for $32 million, or $233,577 per unit.
Located near Interstate 17, Villa Serena is equidistant to the Deer Valley Employment Corridor and Downtown Phoenix. The Deer Valley Employment Corridor is home to numerous Fortune 500 employers, including Wells Fargo, Honeywell, United Health Group, Knight Transportation, USAA, and FedEx. There are four regional hospitals, multiple healthcare centers and 24 million square feet of retail and dining within five miles of the property. Arizona State University West Campus, Glendale Community College and Grand Canyon University are also within a short drive.
“Villa Serena benefits from spacious floor plans that are significantly larger than competitive 1980s-built inventory within the submarket,” said Cliff David, IPA executive managing director. “The large floor plans, plus other differentiating physical characteristics, such as in-unit washers and dryers, and the opportunity to renovate the apartment interiors and make select common area enhancements, serve as the property’s foundation for increased future profitability.” David and IPA executive managing director Steve Gebing represented the seller, Rise48 Equity and procured the buyer, Tides Equities.
Constructed in 1982 on five acres, Villa Serena offers a unit mix of one- and two-bedroom apartments, with 54% of the property being two-bedroom two-bath units. All apartments include private patios or balconies with exterior storage space and washers and dryers. Select units have stainless steel appliances, resurfaced countertops and updated lighting and plumbing fixtures. Community amenities include a swimming pool with poolside loungers and ramada, a business center, and reserved covered parking.