|
|
7/08/21
|
Tides Equities paid $71.8 mil for Palm Valley, a 264-unit ($272k/unit) multifamily community in Goodyear, AZ. Tides Equities renamed the community Tides at Palm Valley. The seller was Avanti Residential.
Built in 1997, amenities at Palm Valley include two resort-style pool and spa areas with covered cabanas, a fitness center, basketball court, resident clubhouse, business center, children’s playground, barbeque and picnic areas, and package lockers. Upgraded units include quartz countertops, new wood-style vinyl plank flooring and carpet, interior paint, new white cabinet doors and hardware, stainless appliances, kitchen backsplash, new lighting fixtures and new plumbing fixtures.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented Avanti Residential in the transaction.
“The community was the first multifamily project built in Goodyear’s Palm Valley master plan and benefits perpetually from occupying the best site in the entire master plan, right on the golf course,” Cunningham said. “Phoenix’s West Valley is one of the fastest-growing regions in the country, and Goodyear’s multifamily fundamentals are among the best in Phoenix.”
The Avondale/Goodyear market posted the highest net absorption of all submarkets in Metro Phoenix in 2020 with 1,487 units and occupancy at a near-record of 96.7% in Q1 2021.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
