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8/08/19
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Five AZ apartment communities sold in recent deals that totaled $13.43 mil. The properties have a combined 158 units.
Crowne Pointe, a 35-unit garden style apartment community at 1815 W. Colter St in Phoenix sold to 1815 CP, LLC of Brea, California for $4 mil ($114k/unit). The seller was MV2P Real Estate, LLC. The property features two-bedroom floorplans averaging 850 sf, fully-appointed kitchens, full-size electric appliances and ceramic tile flooring. Crowne Point is less than one mile toChristown Spectrum Mall and its adjacent Valley Metro light rail station.
Urbana on Myrtle LLC of Phoenix acquired Palm View Manor, a 20-unit apartment community located at 1914 W. Myrtle Ave in Phoenix from Lawrence Kent Shafer (Trustee, Living Trust of Lawrence Kent Shafer) for $2.2 mil ($110k/unit). The single-story community is comprised of all two-bedroom / one-bath floorplans that average over 950 sf.
Downtown Phoenix apartment community, Central Oasis, was acquired by Clear Sky Capital, Partners XVI LLC of Phoenix for $1.5 mil. The seller was The Saunders Family Trust. Located at 402 N. 10th Street, the 14-unit ($107k/unit), garden-style community is comprised of studio, one-, two- and three-bedroom floorplans that range from 408 sf to 912 sf.
The Heather Trommald Living Trust of Huntington Beach purchased Tower Vista, a 17-unit apartment community at 2942 N. 34th Place, from The Saunders Family Trust for $1.73 mil ($102k/unit). The property is situated in East Phoenix/Lower Arcadia Submarket, where average rents are 14% greater than the metro Phoenix average, according to CBRE Research. The property’s unit mix features one- and two-bedroom floor plans ranging in size from 550 sf to 750 sf.
Vermillion View, a 72-unit apartment community in Page, AZ, sold for $4 mil ($56k/unit). The seller was Wescap Investment Inc of Phoenix and the buyer was Tablerock Capital of Mountain View, CA.
Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE were involved in brokering these transactions.
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