Canadian Investor Expands Portfolio of Greater Phoenix Assets

Phoenix,  Arizona  – The Terrace Park apartment community at 8130 W. Indian School Rd. in Phoenix has been sold to a Canadian investor for $14.25 million  ($66,901 per unit).  The purchase marks an expansion of Western Wealth Capital’s portfolio of Metro Phoenix apartment properties.

“Terrace Park is located in what experts believe will be a dynamic growth area of West Phoenix in the upcoming future,” says Trevor Koskovich, executive vice president of Colliers International in Greater Phoenix.  “The Loop 101 area of West Phoenix is attracting substantial business activity and job creation, making this property particularly stable for future tenancy.”

Koskovich, Jeff Sherman and Bill Hahn of Colliers International in Greater Phoenix negotiated the transaction.  BH Properties, a private equity company based in Santa Monica, CA sold the property to Western Wealth Capital (Janet LePage), a private investor/syndicator from Burnaby, British Columbia, Canada.  LePage already owns approximately 20 apartment assets in the Metro Phoenix area.

Terrace Park is comprised of 18, two-story buildings that contain 213 apartment units.  Built in 1984, the project rests on 8.64 acres with a total of 173,641-rentable-square-feet.  The one and two-bedroom apartment units were 92 percent leased at the time of the sale.  The community features 319 parking spaces, a pool and children’s playground.

The Terrace Park community is located close to a variety of schools and parks, as well as offering convenient access to the Loop 101 freeway.  Grand Canyon University and the West campus of Arizona State University are within close commuting distance.  Major employers located just south and north of the property include Bechtel, Amazon fulfillment center, Swift Transportation, PetSmart and the WestGate Entertainment Center.  Additionally, Dignity Health and Banner both have major hospital facilities near the Terrace Park community.

“Multifamily buyers beginning to move their money from the Phoenix market to Tucson, capitalizing on higher cap rates and lower per unit acquisition costs”

Tucson, Arizona —  Colliers International in Greater Phoenix has negotiated the sale of two Tucson apartment complexes in transactions totaling $13+ million.  The properties were purchased by private investors and are part of a trend moving investment money to Tucson where cap rates and property prices are more appealing than metro Phoenix.

“Multifamily buyers are beginning to move their money from the Phoenix market to Tucson, capitalizing on higher cap rates and lower per unit acquisition costs,” says Trevor Koskovich, executive vice president with Colliers International in Greater Phoenix.

Koskovich, Bill Hahn, Jeff Sherman and Jesse Hudson negotiated the two multifamily transactions in the Tucson marketplace.

Dale Scheck of Deerfield, IL purchased Sherwood Gardens Apartments from MF Blue Valley Apartments, LLC of West Palm Beach, FL. for $7.54 million. The community at 6534 E. Stella Rd. is the third Tucson property acquired by Scheck.  Originally constructed in 1964, Sherwood Gardens consists of 24 single-level buildings totaling 180,395 square feet.  The community is comprised of 199 units ranging from 745-square-foot 1BR/1BA to 1,045-square-foot 3BR/1BA apartments.  The property is situated on 19.04 acres and includes 275 parking spaces.  Sherwood Gardens was 95 percent occupied at the time of the sale.

Sunpointe Gardens Apartments at 2727 N. Oracle Rd. was sold for $5.5 million.  George Lee and Michael Lee purchased the property from Ann Diaz of Tucson and Jack Tiano of Dana Point, CA. Sunpointe Garden Apartments features 165 units in eight buildings.  The two-story structures were built in 1978 and the property was 93 percent leased at the time of sale.  The property includes Studio, 1BR/1BA and 2BR/1BA units.  Community amenities include gated parking with 277 spaces, pool/spa, laundry facilities and a picnic area.

“Both of these multifamily properties offer opportunities for modernization that will provide revenue improvement to the investment,” says Hudson.  “They are well-built and well-leased communities and the strength of the Tucson marker rewards owners that improve older properties and reposition them.”

For more information, Koskovich can be reached at 602.222.5145, Hahn is at 602.222.5105, Sherman can be contacted at 602.222.5109, and Hudson should be reached at 602.222.5010.

To learn more, login and see RED Comp #4480 and RED Comp #4505.

[mepr-show rules=”58038″]Sunpointe Gardens – Sale date: 1/25/2017. Unit mix: Studios (56); 1-bedrooms (108) 2-bedroom (1). Property was 93% occupied at time of sale and sold at a 7% cap rate.

Sherwood Gardens – Sale date: 1/20/2017. Unit mix: one-bedrooms (30); two-bedrooms (110); three-bedrooms (59). Property was 95% occupied at time of sale and sold at an 8.5% cap rate. [/mepr-show]

Glendale Property Offers Quality Asset with Opportunities for Value-Add Improvements

Phoenix, Arizona – Solano Terrace Apartments at 4715 N. Black Canyon Highway has sold to a California investor for $19 million ($66,000 per unit).

“This property offered a unique opportunity close to the major transportation sources of Interstate 17 and Light rail,” says Bill Hahn, executive vice president with Colliers International in Greater Phoenix.  “The community is in good condition, requiring no immediate improvements, but provides many options to add value and increase revenue.”

Hahn, Jeff Sherman and Trevor Koskovich with Colliers International in Greater Phoenix handled the marketing and sale of the Solano Terrace Apartments.  3^rd Avenue Investments of Phoenix sold the property to Investment Concepts of Orange, CA.  Financing was arranged through Fidelity BanCorp Funding.

Built in 1985, Solano Terrace Apartments is situated on 9.98 acres.  The property includes 18 two-story buildings with a total of 288 apartment units.  The units range from 450-square-foot studios to 950-square-foot 2BD/2BA deluxe units with washer/dryer.   Solano Terrace was 94% occupied at the time of the sale. Solano Terrace apartments feature spacious interiors, private patios, and gourmet kitchens with dishwashers.  Some units include in-suite washer/dryers,  walk-in closets and breakfast bars.   Solano Terrace is a gated community with lush landscaping and mature trees.  Common areas include a fitness center, Internet center, BBQ and children’s play area.   The property also features two sparkling pools and spa.

Solano Terrace Apartments is situated just south of Camelback Road, a major east-west thoroughfare spanning from Glendale, through Phoenix to Scottsdale.  The property is surrounded by convenient grocery stores, as well as two nearby shopping malls.  Several schools are located within one mile of the community and Encanto Park is just three miles to the southeast.  Demand for rental properties in the area has grown, partially due to the dynamic growth of Grand Canyon University, located less than a mile from the Solano Terrace property.