Desert Wind Community Provides Opportunities for Continued Modernization

Phoenix, Arizona –  A Los Angeles-based investor has purchased the Desert Wind apartment community In West Phoenix for $13.4 million ($62,037 per unit). The property, located at 4140-4141 W. McDowell Rd., has been partially modernized and provides opportunity for further updating.

“The West Phoenix multifamily market continues to experience strong demand from renters,” says Trevor Koskovich, executive vice president of Colliers International in Greater Phoenix.  “The seller had begun an extensive capital improvement campaign at the property and the buyer will benefit from completing that effort.  Upgrades to both interiors and exteriors have been a great investment in the asset.”

Pro Residential Services, Inc., a private equity company based in Los Angeles purchased the community from WWC XVII, LLP, an Arizona limited liability partnership formed by a private investor from North Vancouver, British Columbia.  Koskovich, Bill Hahn, Jeff Sherman and Jesse Hudson negotiated the transaction.

Built in 1987, Desert Wind features 18 buildings with 216 units that total 138,192-square-feet.  Situated on 5.25 acres, the community features a swimming pool, BBQ area and on-site laundry facilities.  Tenants benefit from an abundance of covered parking spaces.

The one and two-bedroom apartments range in size from 535 to 778-square-feet.  Units include spacious floor plans with oversized closets, patio/balcony and full-sized appliances.  Newly renovated units include washer/dryer in the apartment, vaulted ceilings, ceiling fans and outside storage.

Desert Wind is located just north of Interstate 10, offering convenient access to Downtown Phoenix and a variety of other employment and education hubs.  The Loop 101 is located less than five miles from the property.  Desert Wind tenants benefit from an abundance of retail amenities and schools in the immediate area.  The property is close to Arizona State University’s West Campus and Grand Canyon University.  Additionally, the community provides easy access to the warehouse/distribution employers of West Phoenix along Interstate 10.

Oregon Investor Acquires Glendale Community

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 3^rd 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.

Purchase is First Arizona Acquisition for California Investors

Phoenix, Arizona – Dunlap Falls apartments at 3333 W. Dunlap Ave. have been sold for $22.6 million ($78,472 per unit).  The community was purchased by two California-based partnerships as their first acquisition in the Arizona market.

“This offered a great purchase opportunity because significant capital improvements were already addressed by the seller,” says Bill Hahn, executive vice president of Colliers International in Greater Phoenix.  “More than $6 million was recently invested in property exterior improvements and specific interior modernization during the past two years, which provides the buyer ability to focus solely on completing interior upgrades,” adds Trevor Koskovich, executive vice president of Colliers International in Greater Phoenix

Dunlap Falls Partners, LLC, a Colorado limited liability company and 1031 Exchange Experts LLC as QI fbo WIP-Serendipity, LLC, a Colorado limited liability company purchased the apartment community from 3333 Dunlap Associates LLC, a Delaware limited liability company.   The buyers’ LLCs are based in Colorado, but the investors are headquartered in San Francisco.   Hahn, Trevor Koskovich, Jeff Sherman and Jesse Hudson of Colliers International in Greater Phoenix handled the transaction.  Grandbridge Real Estate Capital LLC arranged financing of the purchase.  The buyer intends to expand its portfolio with more properties in the Phoenix marketplace.

Dunlap Falls is a gated community located near MetroCenter.  Built in 1973, the property features 29 buildings situated on 9.4 acres, offering a total of 288 units. The apartments consist of two- and three-bedroom floorplans ranging from 806 to 977 square feet. Apartments feature full-sized electric appliances, new tile/carpet flooring, balcony/deck/patio spaces, and some units offer wood style flooring and extra storage.  Dunlap Falls provides its residents with covered parking and access to Cortez City Park, which is located across Dunlap Avenue.  It also offers direct access through a private gate to the local high school and elementary school.  The community features a sparkling pool, four laundry facilities, fitness center, club house and an on-site business center.

Centrally located near Interstate 17, Dunlap Falls provides convenient access to major employers along the Black Canyon Corridor, including USAA, Discover Card and American Express.  Other employers in the area include Waste Management, CIGNA, Honeywell, Safeway and a regional office of the FBI.  The MetroCenter submarket also provides outstanding retail amenities and rapid access to Sky Harbor International Airport.  Grand Canyon University, ASU West and Thunderbird International are located within the submarket, as are Western International University, Ottawa University and Carrington College.  This property will also benefit from the future expansion of the Light Rail system, which is scheduled to reach MetroCenter Mall by 2023.