California Investor Expands Portfolio with Community Near Grand Canyon University
Phoenix, Arizona – The La Palmilla apartments at 3838 W. Camelback Rd. in Phoenix have been sold to a California investor for $14.1 million ($52,809 per unit).
“This property offers a strong location just three blocks from the rapidly expanding Grand Canyon University,” says Trevor Koskovich executive vice president with Colliers International in Greater Phoenix. “The college’s expansion has dramatically increased demand for rental units in the area. This well-maintained community benefits from proximity to the Light Rail along Camelback Road and nearby access to Interstate 17.”
Reliant Management Group, LLC, a California limited liability corporation, purchased the property from Syl-Mar Limited Partnership of Oregon. Koskovich, Bill Hahn and Jeff Sherman of Colliers International in Greater Phoenix handled the transaction.
Built in 1973, La Palmilla is comprised of 70 single-story buildings that feature 267 apartment units. The community contains 234,250-rentable-square-feet on a 22.13-acre site. The one, two and three-bedroom apartments range in size from 700 to 1,100-square-feet.
La Palmilla is located directly across the street from Alhambra High School and near the JCPenney-anchored Christown Spectrum Mall. A variety of large employers are based in the Midtown Corridor and Camelback Corridor near La Palmilla.
This marks an expansion of Reliant Management Group’s portfolio of assets in Nevada, Arizona, New Mexico and Texas. The purchase of this property is qualified as part of the Low-Income Housing Tax Credit program.