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6/24/19
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Sterling Real Estate Partners has acquired Villas de Azul Apartments, a 301-unit multifamily property in Phoenix, for $19.8 mil, or $66k/unit. Built in 1972, the property is located at 2627 N. 45th Ave, north of I-10 and west of I-17.
Villas de Azul consists of 32, two-story buildings on 17 acres with a park-like setting that includes spacious courtyards and mature landscaping. Other community amenities include three swimming pools, a playground, two basketball courts, resident clubhouse and three laundry facilities.
Sterling plans to reposition the asset by adding new family friendly amenities, implementing ‘green’ initiatives, enhancing site curb appeal with new landscaping, and correcting deferred maintenance. Significant value-add opportunities are also available through improving current property operations and capitalizing on the high number of three-bedroom units at the property, which the neighboring properties lack.
Ric Holway with Berkadia represented the seller, 45th Avenue Sellers LLC, in the deal. Luke Donahue, also with Berkadia, arranged acquisition financing for the purchase.
Phoenix is the fastest-growing city in the country, according to newly released estimates from the U.S. Census Bureau. Phoenix welcomed 25,288 new residents between 2017 and 2018. Phoenix remains the fifth most-populous city with a population of 1,660,272, according to Census data.
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