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.

Canadian Investor Expands Portfolio of Arizona Assets with Acquisition

Phoenix, Arizona – The Verde Dimora Apartments at 2217 N. Power Rd. in Mesa have been sold to a Canadian investor for $22,250,000.  The buyer is expanding its portfolio of Arizona properties and plans long-term ownership of the community.

“This is a very unique asset in both its location and its design,” says Trevor Koskovich, executive vice president with Colliers International in Greater Phoenix.  “Verde Dimora is an A+ property of nearly new construction in the growing suburb of East Mesa.  The property offers an incredible abundance of amenities, as well as Eco-Friendly utilities and design.”

WWC Holdings, LLC of Arizona purchased the property from Verde Dimora, LLC, an Arizona limited liability company.  Koskovich, Bill Hahn and Jeff Sherman of Colliers International in Greater Phoenix negotiated the sale transaction.

Verde Dimora was built in 2016 and consists of 12 three-story buildings.  The community contains 153 apartment units in one and two-bedroom configurations.  The units range in size from 657 to 943 square feet.  The property offers a total of 121,399 rentable square feet on a parcel that is 5.34 acres.  The community offers both covered carport and uncovered parking spaces.

Apartments feature Energy Star appliances, Low-E Pane windows, private patios and sub-metered water/sewer/trash.  The sub-metering allows managers and occupants to track individual tenant usage in real time, lowering costs and increasing efficiency.

The community offers unparalleled amenities that go well beyond a clubhouse and heated resort-style pool and spa.  In addition, Verde Dimora offers community garden plots, a dog park with wash station, electric vehicle charging stations, enclosed bike storage, theater room, urban trails and a dedicated Veteran’s Community Room.  The community also features solar panel technology, meditation gardens with a stream, community-wide recycling program and an extensive fitness center.

Situated to the north of McKellips Road, Verde Dimora is close to a variety of retail centers, service centers and restaurants.  Access to the Red Mountain Freeway (202) is available via McKellips Road and Power Road to the north.  Both access points are less than one mile from the property.  The community is directly across the street from Mesa Community College – Red Mountain Campus.  In addition to retail and school offerings nearby, the City of Mesa has created a strong park and recreational system nearby in Spook Hill Park and Red Mountain Park, less than one mile from Verde Dimora.