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May 23, 2019
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Continental Realty Advisors Collects Over $200 Mil from the Sales of Four Multifamily Communities

5/07/19

Four apartment properties containing in excess of 1,400 units have sold in separate transactions totaling over $200 mil. The properties, which were sold by Denver-based Continental Realty Advisors (CRA), span four different housing markets including Phoenix, Las Vegas, Memphis and Dallas. CRA implemented renovation programs to the properties’ common areas, amenities, and unit interiors over the past two to five years, while owning the assets.

Courtney Village Apartments, Phoenix
Courtney Village Apartments, Phoenix
One of the properties sold is Courtney Village Apartments, a 368-unit community in Phoenix that is conveniently located near the Loop 202, close to Papago Park. The Park is a local landmark of 1,500+ acres that features a large and developing business and economic employment center, the Phoenix Zoo, Desert Botanical Garden and a wide array of recreational facilities.

The property’s central location – with nearly 500,000 jobs within a 15-minute commute of the property – and direct transportation access helped maintain high occupancy rates. Constructed in 2002, the property was originally acquired by CRA in partnership with HQ Capital in June 2016 and was managed for two-and-a-half years by Greystar Property Management.

Another of the properties sold by CRA is the 400-unit Tesoro Ranch Apartments in Henderson, Nevada, a suburb of Las Vegas. Constructed in 2007, Tesoro Ranch is adjacent to the $1.4 bil Union Village Integrated Health Village development along Boulder Highway.

Union Village is expected to create several thousand new healthcare-related jobs by 2025, further fueling the demand for rental homes in the area. Tesoro Ranch, acquired by CRA in partnership with The Roxborough Group in November 2015, was managed by Greystar Property Management for three years of ownership.

CRA also sold The Preserve at Southwind Apartments, a 306-unit community in Germantown, a suburb of Memphis, TN. Built in 2000, The Preserve at Southwind is strategically located one mile south of the FedEx World Headquarters, one of the most notable corporate addresses in Memphis. Acquired by CRA in December 2014, the sale of The Preserve at Southwind was brokered by Blake Pera of Newmark Knight Frank in Memphis.

The sale of Riverhill Apartments, located in Grand Prairie, TX, in the Dallas-Fort Worth area, also closed in December 2018. Constructed in 1995, the 334-unit property is about three miles south of the Dallas Cowboys’ AT&T Stadium. The sale of Riverhill was brokered by Greg Toro of HFF in Dallas.




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