Phoenix, Arizona – Neil Sherman and Carrick Sears, multifamily specialists in the Phoenix office of Sperry Van Ness, negotiated the $2,825,000 ($47,083 per unit) sale of Country Aire Apartments located at 1701 N. Palo Verde Drive in Goodyear, AZ.

The buyer, Univest, Inc of Newport Beach, CA, purchased the 60-unit complex from Industrial Alliance Pacific Insurance & Financial Services Inc. Sherman and Sears represented both parties in the transaction.

Country Aire Apartments is a condominium community developed in 1982 which has historically been operated as a rental apartment complex. The property is individually metered for electricity and all units except one are two bedroom, one bath flats.

According to Sherman, “Industrial Alliance foreclosed on this asset in early 2012, and subsequently invested quite a bit of time and money into improving and repositioning the property. At the time of sale it was arguably one of the nicest rental communities in that submarket”.

CBRE negotiated the following multi-family sales transaction(s):

7102 North 43^rd Avenue Partners, LLC of Denver, Colo. has purchased the Paradise Vista apartment complex, a 352-unit multi-family property located at 7102 N. 43^rd Ave. in Glendale, Ariz., from Paradise Vista Affordable Apartments, LLC of San Diego, Calif. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both parties in negotiating the $7 million transaction ($19,886 per unit).

Carol Mary, LLC of Phoenix, Ariz. has purchased the Carol Mary apartment complex, a 40-unit multi-family property located at 501 East Willetta in Phoenix, Ariz., from EQ Downtown, LLC of Tempe, Ariz. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both parties in negotiating the $3 million transaction ($75,000 per unit).

M & S Continental, LLC of Phoenix, Ariz. has purchased the Continental Apartments, a 48-unit multi-family property located at 1030 N. 3^rd St. in Phoenix, from EQ Downtown, LLC of Tempe, Ariz. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both parties in negotiating the $2.3 million transaction ($47,917 per unit).

For more information, Sherman can be reached at (480)425-5504 and Sears is at (480) 425-5529. Smuckler can be contacted at (602) 735-5688 and Seaman is at (602) 735-5634.

LAND SALES:
Michael Gaida, Erin Schrauth, Greg Vanlerberghe and Peter McQuaid of Sperry Van Ness in Phoenix collectively represented the seller in the $1,175,000 ($2.64 PSF) sale of 10.2 acres of land at 107^th Avenue and Beardsley.  The Seller was RMG Real Estate Services. The buyer was Landvest Management and represented by Cassidy Turley.

Greg Vanlerberghe and Peter McQuaid of Sperry Van Ness in Phoenix represented the seller, Chandler Opportunity Development, LLC, in the sale of a 36,606 SF parcel of land located at the NEC of Dobson Road and Elliot Road in Chandler.  The buyer, CPG Dobson & Elliot Retail, LLC, paid $360,000 ($9.83 PSF) and was represented by Aaron Klusman of Camelback Realty Group. Dunkin Donuts is planned for this location.

OFFICE SALES:
Justin Horwitz and Nicole Ridberg of Sperry Van Ness in Phoenix represented the seller, Donald Wilson, in the sale of a 10,690 SF fully vacant freestanding office building located at 910 E. Osborn Road in Phoenix.  The all cash investor purchase by Knightly Living Trust closed within 45 days of initial list price and closed at a final sales price of $1,162,250 ($109 PSF) on December 30, 2013.

Justin Horwitz and Nicole Ridberg of Sperry Van Ness in Phoenix represented the seller in the $415,470 ($110 PSF) sale of Mirage Crossing  located at 105757 N. 114^th Street, Suite 107 in Scottsdale. The 3,777 SF office condo was purchased by Colorado North, LLC.

MULTIFAMILY:
Neil Sherman and Danny Lee of Sperry Van Ness in Phoenix represented the seller, Antonina Morawa, in the $1,216,000 ($32,000 per unit) sale of Heatherbrea Apartments, located at 6101 N 61^st Avenue in Glendale.  The 38 unit complex was purchased by Alfred P. Howell, Inc. and closed on January 8, 2014.

To reach Sperry Van Ness Commercial Real Estate Advisors contact 480.425.5501

Submit your sales and leases to REDailyNews@outlook.com

Real Estate Opportunity Fund of Arizona, from San Jose, CA purchased 16.57 acres of PAD zoned land at the northeast corner of Chandler Heights and Arizona Avenue. The transaction included 70,000-square-feet of partially completed retail buildings and five (5) PADS available for sale, lease or build-to-suit.

The transaction closed on Tuesday, December 31st at a purchase price of $4.45 million ($63.57 PSF). The buyer put $1.4 million down and the seller financed the balance at 7% interest-only for two (2) years.

The seller, American Pacific Chandler out of La Jolla, CA and the buyer were represented by Rommie Mojahed, Mary Ridberg and Neil Sherman of Sperry Van Ness, who will also be handling the sale and leasing assignment going forward.

Majahed, Ridberg and Sherman should be contacted at (480) 425-5500 for additional information.