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12/13/17
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MIG Real Estate purchased Bayside Apartments, a 176-unit rental property located in Phoenix. Bayside Apartments will undergo significant enhancements as MIG creates a more attractive housing option in a burgeoning area where employment is growing.
Originally constructed in 1999, Bayside Apartments sits on a 7.81-acre suburban site and is a garden-style complex comprised of 22 two-story buildings. The property offers a mix of 64 one-bedroom and 112 two-bedroom floorplans.
Apartments feature gracious nine-foot ceiling heights, large walk-in closets, private balconies and patios, dishwashers and full-size washer and dryer units. The gated community also offers an outdoor resort-style swimming pool, soothing spa, and covered picnic areas with barbeque grills. Complimentary WiFi is provided in the office and pool lounge areas.
Though crafted in a classic style and well-cared for, the community presents a value-add opportunity to upgrade unit interiors and make shared community amenities inviting and the primary focal point. MIG intends to make the property pet friendly, by adding a dog park to appeal to the growing number of residents with pets.
The community sits in a high-growth region in the Deer Valley submarket of North Phoenix. Located just north of the Loop 101 and west of the I-17 freeway, the apartments are ideally situated near large employment hubs including Deer Valley Airpark, one the largest employment centers in the valley.
Mark Forrester, Ric Holway, Dan Cheyne and Jackson Cloak of Berkadia represented the seller, AAA Management. The price was not disclosed.
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