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12/06/12
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La Palma, a 548-unit apartment complex in Phoenix, was purchased for $30.1 mil ($55k/unit) by Seattle-based Weidner Investment Services. Built in in 1984, the property sits on 27.6 acres on West Bell Rd, near 7th Ave.
La Palma is approximately 90% occupied and consists of two- and three-story buildings with one-, two- and three-bedroom units ranging from approximately 720 sf to 1.4k sf in size. Amenities include two large clubhouses, four swimming pools and multiple sports courts.
The seller, Orange County-based LAP LLC, was represented by Jones Lang LaSalle Executive Vice President John Cunningham and Vice President Charles Steele, with assistance from Executive Vice Presidents Darcy Miramontes and Diane Miramontes and Vice President Kip Malo.
According to Cunningham, who joined the firm in the fall of 2011, Phoenix rental rates were up considerably at the end of the second quarter, reaching an average $774 per month compared to an average of $754 in the first quarter of the year. Vacancy has simultaneously decreased, falling from 9.8 percent in fourth quarter 2011 to 8.6 percent by mid-2012.
“That attracts investor dollars, and has ranked Phoenix third in the nation for total transaction volume,” said Cunningham, noting that by August, total transaction velocity in Phoenix already had surpassed its 2011 total volume of $1.49 bil.
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