Phoenix, Arizona – The Solano Village Apartments at 5220 W. Northern Ave. in Glendale, AZ has been sold to an Oregon private equity firm for $24 million ($92,308 per unit).
“This investment offered an opportunity to acquire a well-located community with outstanding opportunity for capital improvements and income appreciation,” says Trevor Koskovich, executive vice president of Colliers International in Greater Phoenix. “The buyer’s long-term plans for the property include significant value-enhancing improvements that include installation of washers and dryers, remodeling the clubhouse and upgrading various other amenities.”
Koskovich, Bill Hahn, Jeff Sherman and Jesse Hudson of Colliers International in Greater Phoenix handled the sale transaction. Solano Village, LLC, an Arizona limited liability company sold the apartment community to 3030 North Equity, LLC, an Oregon limited liability company. The purchasing LLC is owned by Bean Investment Real Estate “BIRE” of Portland, OR. BIRE has more than 70 years of collective experience in the real estate industry. The firm has purchased, owned and sold more than 50 institutional and non-institutional quality multi-family properties totaling more than 20,000 units and valued in excess of $1 billion. The seller is part of 3rd Avenue Investments, an Arizona-based firm specializing in acquisition and re-positioning of Arizona multifamily assets through a value-add private equity fund structure. Founded in 2013, the company has acquired 1,873 apartments with an aggregate market value of more than $200 million.
Solano Village was built in 1979 and is situated on 9.17 acres of land. The development comprises 260 units, featuring studio, one and two-bedroom apartments. The units are situated in 16 two-story buildings and range from 500- to 1,000-square-feet in size.
The property offers a host of amenities, including a clubhouse, BBQ area, two swimming pools and spas, as well as two laundry facilities. Solano Village provides full covered parking at grade level. Some units feature vaulted ceilings and individual washer/dryers.
The community’s location on the major thoroughfare of Northern Avenue provides convenient access to Interstate 17 and US 60. Situated near Downtown Glendale, the community is part of a submarket with very low vacancy. Solano Village was approximately 94% leased at the time of sale.