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April 22, 2024
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AZ Res Community Gets New Owner in $31 Mil Deal


Mountain View Casitas, a 146-unit apartment community located at 1130 E Grovers Avenue in Phoenix, was acquired by by Los Angeles-based Marble Partners Management LLC for $31.2 mil ($213.7k/unit). The seller was San Diego-based MV Casitas LLC.

Mountain View Casitas is a well maintained, two-story apartment community originally built in the mid-1980s that consists of all two-bedroom / two-bathroom units of 904 and 964 sf in multiple floor plans. The units feature central air, fully equipped kitchens, private balconies, in-unit washers and dryers, and fireplaces. On-site community amenities include a pool, outdoor seating and a pet play area.

The location provides convenient freeway accessibility close to Loop 101, I-17, and SR-15, as well as transportation services, and is also near parks, shopping, restaurants and other entertainment in the Phoenix area.

David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the transaction.

“Mountain View Casitas provided the buyer the opportunity to acquire a well-located multifamily community that had not been previously renovated. Those types of assets are becoming harder to find in Phoenix”, noted Fogler.

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