California Investor Plans Extensive Updating for Community

Phoenix, AZ —  Veranda Apartments at 6015 W. Olive Ave in Glendale have been sold to a California investor for $6.816 million ($56,800 per unit).  This marks the new owner’s first Arizona investment and he plans to substantially modernize the popular community.

“This investor recognized Veranda’s opportunity for appreciation in the rapidly-improving Maryvale submarket,” says Trevor Koskovich, executive vice president with Colliers International in Greater Phoenix.  “Glendale Community College is located immediately across the street from Veranda, creating even more appeal for the community.  The buyer plans to extensively remodel Veranda with interior upgrades and common area renovations.”

Koskovich, Bill Kahn and Jeff Sherman negotiated the sale transaction.  Western Wealth Capital of Burnaby, British Columbia sold the Veranda to Margreen Properties LLC of Corte Madera, CA.

Veranda was built in 1972 and contains 120 apartment units in 12 two-story buildings.  Situated on 3.231-acres of land, the community offers studios, one and two-bedroom apartments ranging from 450- to 1,150-square-feet in size.  Veranda is a gated-access property that features a swimming pool, laundry facilities and a combination of both covered and uncovered parking. Veranda was 95% occupied at the time of the sale.

Located on West Olive Avenue just west of 59^th Avenue, Veranda is surrounded by a mixture of single-family homes, multifamily projects and commercial/industrial developments.  This middle-income neighborhood benefits from a nearby Walmart Supercenter and abundant other retailers at Northern Crossing Shopping Center.  The community also is located conveniently to Downtown Glendale, complete with municipal buildings and its active old town district. Veranda is close to a variety of educational institutions, ranging from elementary and high schools to Glendale Community College, Grand Canyon University and the West Campus of ASU.

Colliers International in Greater Phoenix Negotiates Sale to California Investor

Phoenix, AZ – Springwood Apartments at 2540 N. 51^st Ave. in  Phoenix have been sold for $8.08 million ($50,500 per unit) to a California private investor.  The sale is part of the dynamic multifamily investment market attracting out-of-state buyers to Phoenix.

“This buyer recognizes a terrific value-add opportunity in this property,” says Trevor Koskovich, executive vice president with Colliers International in Greater Phoenix.  “The Maryvale submarket is rapidly improving as a community and investment opportunity.  Springwood Apartments is poised for modernization and appreciation as an asset.”

Julie Rice Davis of Los Angeles purchased the property from Frances Morales of Phoenix.

Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers International in Greater Phoenix represented the seller in the disposition.  Aaron Fierstein of Marcus & Millichap in Los Angeles represented the buyer.

Springwood is a two- and three-story apartment community comprised of 16 buildings built in 1986.  The property’s 160 rental units include 10% studio, 31% one-bedroom, 50% two-bedroom and 9% three-bedroom units.  At the time of sale, the community was 89% occupied.  Common area amenities at Springwood Apartments include a swimming pool, lush landscaping, laundry facilities, outdoor barbeques and 245 parking spaces.  Unit amenities include dishwasher, garbage disposal, French doors and private patios and balconies, as well as additional storage in select units.

Springwood Apartments are located south of Thomas Road along the west side of 51^st Avenue.  Interstate 10 is situated just one mile south of the property and the immediate neighborhood includes a variety of single-family homes, multifamily properties and commercial/industrial developments.  Several schools are within one mile of the community and several hospitals are within a five-mile radius.  Springwood is located minutes from Grand Canyon University, which is currently undergoing a major expansion.

Colliers International’s Hahn, Sherman and Koskovich Negotiate Sale of 132-Unit Asset

 Phoenix, AZ – Colliers International in Greater Phoenix completed the sale of the 132-unit Las Brisas Apartments at 1000 N. Arizola Rd. in Casa Grande, AZ, for $6.25 million or approximately $47,349 per unit.

Bill Hahn, Jeff Sherman and Trevor Koskovich, executive vice presidents with Colliers’ Phoenix office, represented both the seller and buyer. The seller was Ronald Hansman of Redwood City, CA. The buyer was California Capital Real Estate Advisors of Pasadena, CA, who plans moderate property upgrades.

Built in 1986, Las Brisas is a 132-unit Class B property consisting of eight two-story buildings with 90,584 rentable square feet set on approximately 6.96 acres. The community offers 12 studios, 40 one-bedroom and 80 two-bedroom units, ranging from 412 to 830 square feet. Occupancy at time of sale was 96 percent.

Common amenities include a swimming pool, spa, Wi-Fi hotspots, laundry facilities, outdoor barbeques, picnic areas, 240 covered parking space and additional open parking. Unit features include walk-in closets, ceiling fans, dishwashers, private patios and balconies. Select units offer a breakfast bar and wood-burning fireplace.

“California Capital Real Estate Advisors owns multiple properties in Phoenix, Tucson and Las Vegas and has been very active for the past five years,” said Hahn. “Las Brisas provided an opportunity for them to acquire an asset in the growing Casa Grande market that offers a better rate of return than comparable properties in the Phoenix metropolitan area.”

Casa Grande’s population is growing annually by approximately three percent—more than double the pace of growth seen nationally. Residents are drawn to the city due to its affordable housing, proximity to job centers and healthy infrastructure. Casa Grande is strategically located at the intersection of the Interstate 8 and Interstate 10 highways in an area known as Arizona’s Golden Corridor.

K-12 schools, big-box retailers, grocery stores, the Promenade at Casa Grande Mall, Casa Grande Regional Medical Center and the Palm Creek Golf & RV Resort are all located within a two-mile radius of Las Brisas. The University of Arizona and Arizona State University are just one hour away.