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5/11/15
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Tesoro, a 150-unit apartment property in Phoenix, was purchased for $8.9 mil ($59.3k/unit) by Werner Investments. Tesoro is located at 8603 North 22nd Ave, less than one-half mile west of the future Valley Metro light rail Northwest Phase I 3.2-mile extension line.
Tesoro is situated on 6.14 acres and features an oversized setback from 22nd Ave. Developed by Clark-Wayland in 1983, the property features a mix of studio, one and two-bedroom apartment homes complete with energy efficient appliances and large pantry spaces, breakfast bars, designer ceiling fans, and a private patio/balcony with extra storage capabilities.
Select units also feature upgraded interiors with black or white appliances, resurfaced countertops, wood-style vinyl flooring, and spacious closets with mirrored closet doors. Community amenities include a swimming pool and spa, barbecue stations and picnic areas, a laundry facility with new equipment, and convenient covered parking.
Cliff David, a Marcus & Millichap vice president investments, and Steve Gebing, a senior director with Institutional Property Advisors, represented the buyer and the seller, AION Partners.
“Tesoro is well-positioned to benefit from the growth of mass-transit opportunities in the region and the expanding opportunities that exist within the surrounding job economy,” says David. “Soon residents of Tesoro can enjoy walking-distance access to the 12th-busiest rail system in the country and benefit from direct access to a thriving business landscape headlined by companies such as Blue Cross Blue Shield of Arizona, Abrazo Heath, Mass Mutual, Karsten Manufacturing (Ping golf equipment), and The Art Institute of Phoenix.”
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