Cassidy Turley announced on Thursday the sale of Broadstone Twin Fields, a 314-unit apartment community located at 2505 E. Williams Field Road in Gilbert, Ariz., and The Club at Coldwater Springs, a 251-unit apartment community located at 105 North Links Drive in Avondale, Ariz.
Broadstone at Twin Fields, LP (Alliance Residential), represented by Cassidy Turley Executive Managing Directors David Fogler and Steven Nicoluzakis, sold the class-A garden-style apartment community for $47.1 million ($150,000 per unit). FRI San Tan, LLC (Farnam Realty, Inc.) acquired the apartment community.
“The buyer was attracted to Broadstone Twin Fields because of the overall quality of the asset and its close proximity to the San Tan Village Regional Mall,” said Fogler.
Built in 2008, Broadstone Twin Fields is located on the southeast corner of Williams Field Road and the Loop 202/San Tan Freeway, directly accessible to the Gilbert Spectrum employment district and the San Tan Village Regional Mall. The complex features one-, two- and three-bedroom units that range in size from 749 to 1,250 square feet and detached garages with private entries. Community amenities include two resort-style swimming pools, a clubhouse with a multimedia billiards room, a theatre room and athletic center, outdoor lounge with fireplace and grills and a children’s playground.
PM Club at Coldwater Springs Avondale, LLC (PEM Real Estate Group), represented by Fogler and Nicoluzakis, sold The Club at Coldwater Springs for $24 million ($95,618 per unit). Club at Coldwater Springs SIG, LLC (Shepard Investment Group, LLC) acquired the apartment community.
“The buyer was attracted to The Club at Coldwater Springs because it offered the opportunity to acquire a Class A multi-family community in a recovering submarket viewed as likely to see significant rent growth,” said Fogler.
Built in 2005, The Club at Coldwater Springs is a Class A garden-style apartment complex located in the Coldwater Springs master planned community just south of Interstate 10 at Avondale Boulevard. The complex offers 11 different one-, two- and three-bedroom floor plans, with options for covered parking and attached or detached garages. Community amenities include a clubhouse with kitchen and fireplace, two resort-style swimming pools and spas, a movie theatre, a fitness center, a business center and outdoor barbecue areas. The Club at Coldwater Springs enjoys spectacular views of the Coldwater Golf Club, a Forrest Richardson designed championship public golf course.
