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4/02/19
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Puesta Del Sol, a 128-unit apartment complex in Phoenix, AZ, sold for $8.725 mil ($68k/unit). The asset, located at 8818 S. Central Ave, was acquired by Urban Communities, a real estate development and redevelopment company that focuses on the creation and renovation of urban infill sustainable communities.
The fully leased complex consists of two three-story buildings equaling 62k sf along with two adjacent vacant land parcels totaling 60.6k sf. It is part of the South Mountain Village submarket in Phoenix and will benefit from the future South-Central Avenue Light Rail.
The South Mountain Village submarket is currently lacking in well managed and affordable rental housing. Puesta Del Sol is a socially conscience “value-add” opportunity. Urban Communities and Shelton Cook Property Management plan to make improvements to the property and to enhance the current community services. Over the past 36 months, single-family residential construction along with business growth in South Mountain Village and the Phoenix Baseline Road corridor have attracted young families and first-time home buyers to the area.
Karl Abert with Kidder Mathews represented the buyer and the seller, Familia de Tres LLC, a real estate investment partnership, in the transaction.
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