Newmark Grubb Knight Frank completed the sale of the 275-unit Vista Ventana Apartments at 3221 W. El Camino Dr. in Phoenix.
Karl Abert, Sally Schwenn and Brad Pickering, all managing directors with Newmark Grubb Knight Franks’ Phoenix office, represented the seller, El Camino Vista, as well as the buyer, B.H. Vista Ventana.
Abert, Schwenn and Pickering negotiated the all-cash transaction in less than 21 days.
A recent unit by unit rehab was instituted over the past six months, yielding increased rents as well as an enhanced future value for the community.
The buyer plans on continuing the rehab project and will hold the property as a long term investment in their portfolio. This stabilized community is in a great location with a strong employment corridor, in a rejuvenated sub-market.