California Investor Expands Portfolio with Community Near Grand Canyon University

Phoenix, Arizona – The La Palmilla apartments at 3838 W. Camelback Rd. in Phoenix have been sold to a California investor for $14.1 million ($52,809 per unit).

“This property offers a strong location just three blocks from the rapidly expanding Grand Canyon University,” says Trevor Koskovich executive vice president with Colliers International in Greater Phoenix.  “The college’s expansion has dramatically increased demand for rental units in the area.  This well-maintained community benefits from proximity to the Light Rail along Camelback Road and nearby access to Interstate 17.”

Reliant Management Group, LLC, a California limited liability corporation, purchased the property from Syl-Mar Limited Partnership of Oregon.  Koskovich, Bill Hahn and Jeff Sherman of Colliers International in Greater Phoenix handled the transaction.

Built in 1973, La Palmilla is comprised of 70 single-story buildings that feature 267 apartment units.  The community contains 234,250-rentable-square-feet on a 22.13-acre site.  The one, two and three-bedroom apartments range in size from 700 to 1,100-square-feet.

La Palmilla is located directly across the street from Alhambra High School and near the JCPenney-anchored Christown Spectrum Mall.  A variety of large employers are based in the Midtown Corridor and Camelback Corridor near La Palmilla.

This marks an expansion of Reliant Management Group’s portfolio of assets in Nevada, Arizona, New Mexico and Texas.  The purchase of this property is qualified as part of the Low-Income Housing Tax Credit program.

Glendale Community Purchased by Arizona Investor

Phoenix, Arizona –  Desert Gardens II, a multifamily community located at 13621 W. Glendale Ave., has been sold for $23 million ($102,222 per unit).  Locally based ReNUE Properties purchased asset as part of its portfolio expansion within Arizona.

“This property offered a unique combination of excellent physical condition and abundance of on-site amenities within a property that is poised for some strategic value enhancement,” said Bill Hahn, executive vice president with Colliers International in Greater Phoenix.  “The buyer will add this to its existing portfolio of Arizona properties and modernize the community in meaningful ways.”

Hahn, Trevor Koskovich and Jeff Sherman of Colliers International in Greater Phoenix negotiated the sale transaction.  ReNUE Properties Arizona, Inc. purchased the multifamily project from Desert Gardens VI, LLC, an Arizona limited liability company.

Desert Gardens II was built in 2003 and consists of 14 two-story building on a 13.3-acre site.  The property contains 225 apartment units totaling 211,812-rentable-square-feet.  All but one of the units are two-bedroom apartments and the community was 90 percent leased at the time of the sale.  In addition, the property contains 252 covered parking spaces and 171 open parking spaces.

Apartments within the community feature nine-foot ceilings, full-size washer & dryer, oversized or walk-in closets and spacious kitchens.  Desert Gardens II also has some fully furnished options.  The community provides its residents with on-site amenities more typical of newer apartment developments.  In addition to covered playground facilities and heated swimming pool, Desert Gardens II has a dog park, basketball court, clubhouse, sand volleyball court, 24-hour fitness center, horseshoe pit, and an abundance of BBQ Ramada areas.  The community also features vacation rentals and guest rooms, corporate suites, courtesy security patrol and 24-hour emergency maintenance.

Minutes from Westgate Entertainment District, Desert Gardens II, offers convenient access to Luke Air Force Base, University of Phoenix Stadium, Gila River Arena and Estrella Mountain Community College.  The property is close to local freeways, providing transport to a variety of employment and lifestyle destinations.

Buyer’s First Acquisition in Arizona

Phoenix, Arizona –  The Bella Gardens community at 2634 N. 51^st Ave. has been sold to a local investor for $8.5 million.  The 11-building property is the first Arizona investment for Supertiger Phoenix Property, LLC.

“This community is in excellent condition, yet offers unique opportunities for capital improvement and rent growth,” says Trevor Koskovich, executive vice president of Colliers International in Greater Phoenix.  “The 1980s-vintage community is situated in a popular area and is poised for modernization and greater success as an investment.”   The property was 96 percent occupied at the time of the sale.

Koskovich, Bill Hahn and Jeff Sherman of Colliers International in Greater Phoenix negotiated the sale transaction.  Paseo Garden Apartments LLC, an Arizona-based limited liability company sold the community to Supertiger Phoenix Property, LLC.

Bella Gardens consists of 11 three-story buildings totaling 99,000 square feet of space.  The project sits on a 6.10-acre site and was constructed in 1981.  The 214 apartment units range from studios to 3-bedroom in configuration.  Bella Gardens features a variety of community amenities, including gated access, tennis courts, volleyball courts, picnic area with barbecue, a business center, children’s play area and laundry facilities.

Located one block south of Thomas Road, Bella Gardens is just one mile north of Interstate 10 and the Loop 101 is less than five miles to the west. The immediate neighborhood features single-family homes, multifamily communities and commercial/industrial developments.  The property is close to a wide variety of schools, medical facilities and retail amenities.  Maryvale Stadium, home of the Milwaukee Brewers Training Center is less than one mile from Bella Gardens.  Student residents benefit from very close proximity to Arizona State University – West Campus, Grand Canyon University and University of Phoenix – West Campus.  The expansion of Grand Canyon University has provided a significant increase in demand for housing in the area.