Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, has sold Villas at Cave Creek, a 696-unit multifamily community in Phoenix. The terms of the sale were not released.
IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, and procured the buyer, Weidner Apartment Homes.
“The Phoenix multifamily market continues to be one of the strongest in the nation,” said Greg Cerbana, director of public relations for Weidner Apartment Homes. “We see more long-term opportunities for investment in this market and the Villas at Cave Creek offered Weidner all of the right ingredients for success, including outstanding access to transportation, incredible amenities, and it is well managed.”
“Villas at Cave Creek enjoys exceptional physical characteristics and distinctive community amenities,” says Gebing. “Based on the early success of the unit interior upgrade program, the new ownership will be in an excellent position to maximize rent revenue through the continuation of select interior finish upgrades.”
The property is located at 2529 West Cactus Road, adjacent to Interstate 17, one of the busiest thoroughfares in metropolitan Phoenix. Interstate 17 connects to Interstate 40 and Interstate 10, downtown Phoenix and Sky Harbor International Airport. The North Interstate 17/Deer Valley employment corridor, one of the largest and most diversified employment concentrations within metro Phoenix with 17.5 million square feet of retail, office, industrial, and flex space, is approximately five miles north of the property and the Metrocenter Mall is one-and-one-half miles southwest of the community.
Shared amenities at Villas at Cave Creek include four swimming pools with spacious sun decks, an opulent clubhouse with a business center, a fitness center, a cinema center, a fully lit sports court, barbecue grilling stations with picnic areas and reserved covered parking. The renovated units feature resurfaced countertops, newly painted cabinet boxes and new cabinet doors, contemporary hardware, plumbing fixtures and lighting, and two-tone paint. Select units have new stainless steel and/or black appliances, spacious walk-in closets, separate vanity and dressing areas, breakfast nooks, built-in book shelves, wood-burning fireplaces with ceramic tile accents and mountain views.
Weidner owns more than 30 multifamily communities in Arizona, 24 in metro Phoenix, representing a total of just over 10,000 units in the state. According to the National Multi-Family Housing Council, Weidner is now the 30th largest owner of apartments in the United States. The company has been making a number of strategic investments over the past few years in key markets.
