Colliers International in Greater Phoenix negotiated the sale of the 260-unit Northern Terrace Apartments, located at 5220 W. Northern Ave. in Glendale, Ariz., for $9.1 million, or $35,000 per unit.
Scottsdale-based Sonoma Terrace Properties LLC, a partnership between Jay Chernikoff and Cal DeSouza, acquired Northern Terrace Apartments with a loan from Mutual of Omaha Bank.
The seller was Northern Terrace Apartments LLC of Pewaukee, Wis., a real estate investment firm. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers’ HSK Multifamily team represented both parties.
“Northern Terrace represented a highly-desirable investment opportunity for Sonoma Terrace Properties LLC,” Koskovich said. “The Sonoma Terrace Properties LLC partnership will make considerable investments in the property by improving the community’s infrastructure, renovating building facilities and improving common area amenities.”
Koskovich added that Sonoma Terrace Properties LLC will retain BMSI, the property management company, and plans further improvements through streamlined operations and interior and exterior capital improvements.
Northern Terrace, built in 1979, is two-story complex consisting of 16 buildings on 9.17 acres with 185,504 net rentable square feet. The complex has new roofs and a newly renovated pool and spa.
The unit mix includes 152 one-bedroom and 68 two-bedroom/two bath apartments and 40 studios, ranging from 460 to 1,000 square feet.
Community amenities include two swimming pools and spas, two laundry facilities and outdoor barbeques. In addition, the complex has 260 covered and 115 uncovered parking spaces.