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December 5, 2023
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Multifamily Community in Surprise, AZ Sells for $85 Mil


Villas at Mountain Vista Ranch, a 256-unit, value-add multifamily community in the Phoenix suburb of Surprise, was sold in a deal worth $85 mil, or $332k/unit.

Built in 2003, Villas at Mountain Vista Ranch is a garden-style community comprised of a mix of one-, two- and three-bedroom units with an average unit size of 1k sf. The large apartment units feature in-unit washers and dryers. Community amenities include a pool with lounge seating and a fitness center.

Located at 16630 N Reems Road in Surprise, Arizona, the Villas at Mountain Vista Ranch is situated in an excellent path of growth location in proximity to the new Loop 303 freeway. The property is a 15-minute drive to Luke Air Force Base, 25-minutes to the Arrowhead area and 45-minutes to Sky Harbor International Airport and proximate to multiple shopping, dining and entertainment options.

Brad Goff, Brett Polachek and Chris Canter with Newmark represented the seller, Avanti Residential, in the deal. The buyer was an unnamed investor.

“This property is situated in the high-growth area of Surprise proximate to numerous jobs and amenities,” said Canter. “The new owner will benefit from the strong rent growth the Phoenix area has experienced over the past few years.”

Following a record 2021, investor demand for multifamily remained robust during the first quarter of 2022 with $63 bil in U.S. sales volume, according to Real Capital Analytics data analyzed by Newmark Research. In addition to this volume signifying the largest first quarter on record, year-over-year volume accelerated 65.4%. Trailing twelve-month volume increased to $374.3 bil. Phoenix ranked sixth among major metros in terms of sales volume over the 12 months ending in the first quarter, with $17.5 bil in volume.

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