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12/13/12
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Mountain Park, a 240-unit multifamily community in suburban Phoenix, recently sold for $30.85 mil, or approximately $128.5k/unit.
Located at 4221 East Ray Rd, the property comprises 230.5k sf, which equates to a price of roughly $134/sf. The 1994-built asset is situated at the base of the prestigious, land-locked Ahwatukee Foothills, named one of America’s Best Places to Live by Money magazine.
Mountain Park includes 72 one-bedroom/one-bath units, 118 two-bedroom/two-bath units and 50 three-bedroom/two-bath units. Each unit includes nine-foot ceilings, a well-equipped kitchen, full-size washer and dryer, walk-in closets and linen closets, private patios or balconies with additional outside storage, and wood-burning fireplaces in select units.
Community amenities include two swimming pools, a spa, a fitness center with cardio- and weight-training equipment, picnic areas with barbecue grills and access to the Mountain Park Ranch HOA recreational facilities.
Cliff David, a vice president investments and Steve Gebing, also a vice president investments, both in Marcus & Millichap’s Phoenix office, represented the seller, a publicly traded real estate investment trust. Jim Kordell, a senior associate based in the firm’s Ontario office, repped the buyer, a California-based owner focused on Class A value-add opportunities.
“The investor is acquiring an excellent renovation-ready opportunity with outstanding upside potential,” says Gebing. “Barriers to entry in this submarket are projected to remain elevated, helping to maximize this high quality asset’s long-term profitability potential.”
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