PHOENIX, ARIZONA – SVN Desert Commercial Advisors Multifamily team had a strong start to the first half of 2022 and added the sales of two Phoenix properties at the end of June.
Villa Mira Monte Aparments - $8,000,000
Danny Lee helped facilitate the sale of Villa Mira Monte Apartments, located at 1737 W. Desert Cove Ave in Phoenix, AZ for $8,000,000. This 40-unit property located near North Mountain Park consists of all 2 bedroom, 2 bathroom units. Built in 1988 with no unit renovations, this was a true value-add opportunity.
At the time of sale, the property was fully occupied with a compressed cap rate below 3%. The purchaser, along with his two partners, are local and used funds from a recent property sale to complete a 1031 exchange into Villa Mira Monte. They plan on making light interior renovations to procure higher rents. After a six-month negotiation period with the seller, Danny Lee was excited to see the deal come to a close. “The Buyer is active in the buying and selling environment. I was happy to bring the buyer and seller together for this transaction,” says Lee.
925 E Amelia Ave - $2,000,000
Carrick Sears and Royden Hudnall facilitated the sale of 925 E Amelia Ave in Phoenix, AZ for $2,000,000, and completed the closing in just fourteen days. This fully-occupied 11-unit property includes a master lease, which the buyer plans to keep in place. The seller, in hopes of retiring, was eager to offload this property to a buyer looking to expand their multifamily portfolio. "It is a great feeling to be able to help both parties work towards their separate goals," says Royden Hudnall. Both the buyer and seller enjoyed doing business together making this a smooth transaction and quick close.