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10/09/20
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La Estrella Vista Apartments, a 96-unit multifamily community in Phoenix, was purchased by a CA-based private investor for $16.75 mil, or $174k per unit. The property was sold by Next Wave Investors LLC, who acquired acquired the asset in May 2019 for $13.175 mil.
La Estrella Vista Apartments, which was built in two phases in 2008 and 2014, is separately parceled as fourplexes and includes all three-bedroom units. The property is located in close proximity to many major transportation corridors such as Interstate 10, Loop 101 Highway 60, and Loop 202, providing residents with easy access to the entire Phoenix Valley. The community is also situated near several diverse employers and numerous retail, dining, and entertainment options.
David Sloan, Principal at Next Wave, notes that the Phoenix multifamily asset class has remained resilient during the pandemic: “Collections have far outperformed our expectations as a whole throughout this unprecedented time, especially for Class B and C assets in high-growth markets, like the ones we’ve been active within for several years.”
According to Sloan, Next Wave’s target markets, including Phoenix, Arizona; Tucson, Arizona; Las Vegas, Nevada; and Salt Lake City, Utah; are currently experiencing extremely high investor demand and limited inventory. Phoenix in particular has seen pricing rise substantially compared to pricing prior to the pandemic, due to the dramatic drop in interest rates, and the nation-leading population growth, which is driven in part by many people relocating from California, strong employment, and its relative affordability compared to many other major Western markets.
Alon Shnitzer of ABI Multifamily represented Next Wave Investors in the transaction.
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