Phoenix, AZ– SVN Advisors, Chip Kloppenburg and Carrick Sears, both CCIM’s have recently closed on the $17 million ($103,658 per unit) sale of Amber Gardens in downtown Tempe.  The multifamily investments are currently in high demand and with the local rental market rents increasing by 8.2% over the last year the vacancy rates are decreasing keeping the multifamily team busy with off-market property listings all over the valley.

Desert Commercial Advisors connected both the buyer and seller in this off-market transaction.  Kloppenburg and Sears both represented the buyer, WWC Holdings, LLC which is an investment group (Western Wealth Capital) from Vancouver, led by Janet LePage.  The investment group currently owns almost 4,000 units in the multifamily market. “We are happy that we were able to work out the financial details in favor of all the parties involved,” Kloppenburg stated.

“This property is well-located just off Mill Avenue, making it an ideal property for ASU student housing focus,” said Carrick Sears.  Amber Gardens is located 625 W. 1^st Street which is only a few minutes away from Tempe Beach Park and Arizona State University’s main campus. With 95% percent occupancy, the property also serves as a value-add opportunity for the buyer given the high demand for student housing in the downtown Tempe area.

“This acquisition is a big win for Western Wealth Capital,” said Janet LePage, founder and CEO of Western Wealth Capital who was recently named one of Business in Vancouver’s Forty Under 40. “Western Wealth Capital is bullish on the Phoenix market. We continue to seek out the best deals in Arizona.”

In short, the experience of the SVN advisors and the long-time investment group were able to work diligently through the process and make it work for everyone. “There is so much opportunity for multifamily investors around the Tempe/Scottsdale area,” Kloppenburg said. “If an owner wants to sell, then we will find the buyers.”

Multifamily continues to be a hot item for investors in Q2 2015 for Tucson and Phoenix. In metro Tucson, from March 1^st to June 17^th, 3,221-units were sold for an aggregate total of $129.41 million. The average price per unit in Q2 was $50,060 per door and a median price per unit of $39,423, according to data collected by the Real Estate Daily News and RED Comps.

VILLA DE LA PAZ APARTMENTS SELL FOR $4.9 MILLION

PHOENIX, AZ – Cushman & Wakefield of Arizona, Inc. completed the $4.9 million ($47,573 per door) sale of Villa De La Paz Apartments, 6041 W. Thomas Road in Phoenix.  The eight-building apartment complex was constructed in 1983 and contains 103-units totaling 82,701-square-feet ($59.25 PSF). The property currently boasts 90 percent occupancy.

Maryland Gardens Investors LLC of Phoenix purchased the property from Superior Estates LLC of Tumon, Guam.

“The buyer liked the characteristics of the property, and it fit within their 1031 requirement,” said Brett Polachek, Director in the Multifamily Advisory Group with Cushman & Wakefield. A 1031 exchange allows an investor to sell a property, reinvent the proceeds in a new property, and defer all capital gain taxes.

Polachek and Jim Crews of Cushman & Wakefield successfully marketed the property for sale and represented the seller, Superior Estates. The buyer was represented by Tony Werstler of Solutions Real Estate.

CASA MARIN APARTMENTS IN TUCSON SELL FOR $2.13 MILLION

TUCSON, AZ – Casa Marin Apartments recently sold for $2.125 million ($29,514 per door) to an investor from Reno, NV, Chrisi Gardens, LLC, (Chris Ioannakis, manager).

The seller, Casa Marin, LLC of Mill Valley, CA (Peter Sorensen, manager) and the investor, were represented by Hamid Panahi of Marcus & Millichap in Phoenix.

The 72-unit complex was built in 1981 and is located at 438 East Prince Road in Tucson at the southwest corner of Prince Road and Los Altos in Tucson.

For additional information see RED Comp #2963.

FRESNO APARTMENTS IN CHANDLER SELL FOR $732K

PHOENIX, AZ – Fresno Apartments recently sold for $732,000 ($36,000 per door) to Epicenter Holdings, LLC. The seller, Mehmed Kozlika, was represented by Chip Kloppenburg of Sperry Van Ness, LLC.  The buyer was represented by Cass Stephens of S.J. Fowler.

Fresno Apartments is located at 275 N. Fresno in Chandler, AZ., with 20-units, and located only minutes east of N. Arizona Ave, just north of Chandler Blvd.

“This sale of Fresno Apartments is a key example of when the deal closes and both the seller and the buyer walk away happy,” Kloppenburg stated.

MOHAVE GARDENS APARTMENTS IN TUCSON SELL FOR $650K

TUCSON, AZ – Mohave Apartments recently sold for $650,000 ($27,083 per door) to a Beverly Hills investor, Richard Neal Mills Trust. The seller, Ricardo and Sheryl Robinovich, also of California, and investors were represented by Allan Mendelsberg of Cushman & Wakefield | Picor in Tucson.

Mohave Apartments has a mixture of one- and two-bedrooms and a total of 24-units. Located at 126 E Mohave Road in Tucson, the property is located just east of Stone Avenue.

“The property sold stabilized with only one or two vacancies in this all cash transaction,” Mendelsberg said.

For additional information see RED Comp #2995.

 

[mepr-show rules=”58038″] Mohave Gardens sold 6/15/2015 in an all-cash transaction. Property sold with an estimated $15,000 in deferred maintenance that was mostly for the parking lot resurfacing. Unit mix was (8) 1-bedrooms and (16) 2-bedroom units. Property sold at a 6.5% cap rate.

Casa Marin Apartments sold 6/1/2015 with $630,000 down and the balance financed with a conventional loan.

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