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3/02/22
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SAM Residential Group, a Los Angeles-based real estate developer, has acquired 1408 Casitas at Palm Valley, a 168-unit, value-add multifamily community in Avondale, AZ, for $53 mil ($315k/unit). The property was sold by from 29th Street Capital, a privately held multifamily investment firm based in Chicago.
Built in 1984, 1408 Casitas at Palm Valley offers spacious casita-style and townhome-style units in a low-density, one- and two-story community. The property features a mix of one-, two- and three-bedroom units with an average unit size of 929 sf.
Unit interiors feature open-concept floor plans, large private patios and yards, faux hardwood flooring, full-size washers and dryers, outdoor storage, and skylights in every unit. Property amenities include a new fitness center, cornhole/bocce ball, fire pit, swimming pool, bark park with agility course and dog washing stations, community playground, barbeque grilling stations and outdoor resident lounge with cabanas and sunning deck.
1408 Casitas at Palm Valley is situated within the exploding Southwest Valley of Metro Phoenix and is surrounded in all directions by some of the city’s greatest amenities. Located at the closest major intersection of Litchfield Rd and Van Buren St and less than one mile from the I-10, the property is advantageously positioned less than five miles from the 101, and 303 freeways. The proximity to multiple freeways provides residents exceptional access to the entire metro and its diverse employment hubs.
In addition, the new 22-mile extension of the Loop 202 has drastically reduced commute times for West Valley residents who work in the East Valley. The high commutability of this property offers residents a cost-effective housing option while providing efficient travel times for workers and students alike.
Brett Polachek, Chris Canter and Brad Goff with Newmark represented the seller in the transaction. Kevin Mignogna, Charlie Haggard and Peter Griesinger, also with Newmark, helped secure acquisition financing of $36 mil for the purchase.
According to Newmark Research, 268,331 multifamily units were absorbed nationally during the third quarter of 2021, marking the highest quarterly absorption figure in history. As more workers return to the office and the cost to own single-family homes continues to rise to historic levels, rental housing is anticipated to see strong demand. The increased demand is projected to support strong levels of rent growth through the end 2022. For the 12 months ending in third quarter 2021, Phoenix experienced the highest rent growth of all major U.S. markets, with annual average effective rent growth of 12.3%.
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