Tag Archives: Multifamily sales

Indian Wells, Courtesy of Colliers

Class-B Apache Junction apartments sell for $9.66M

Colliers International in Greater Phoenix recently completed the sale of Indian Wells, a 176-unit, class-B multifamily complex in Apache Junction, for $9.66 million, or $54,886 per unit, which is $54.88 per square foot.

Sonoma Valley LLC of Scottsdale purchased the property, at 975 South Royal Palm Road, from CSFB 2004-C5 Apache Apartments, LLC a subsidiary of LNR partners of Miami Beach.

Bill Hahn, Jeffrey Sherman, and Trevor Koskovich, senior vice presidents with Colliers International’s HSK Multifamily Southwest Team, represented both buyer and seller.

The complex was developed in 2001 under the Federal Low Income Housing Tax Credit Program. A foreclosure led to the removal of rent restrictions, elimination of compliance requirements for operating the property, and ultimately the late 2014 sale.

Situated on 9.9 acres at the base of the scenic Superstition Mountains, the apartments are equally divided into two- and three-bedroom units within 11 two-story buildings. All have side-by-side washer/dryers, walk-in closets, private patios/balconies, microwave ovens and dishwashers. A separate rental office is located on the property and boasts wide frontage along Royal Palm Road.

Common amenities include pool, spa, fitness center, basketball court, clubhouse, two playgrounds, outdoor barbeques, picnic area, and 182 covered parking spaces plus 173 uncovered spaces.
Indian Wells is positioned along Old West Highway, a major east-west thoroughfare running through Apache Junction and into Mesa and Tempe. It is two miles north of US Route 60, giving resident’s greater access to Metro Phoenix.

The community is surrounded by small commercial developments, and well as manufactured and single-family homes. A Walmart Supercenter-anchored neighborhood shopping center is located about two miles northwest, while the master-planned Gold Canyon Ranch is approximately three miles southeast. Indian Wells is within walking distance to Central Arizona College.

“This purchase enables the buyer to reposition this asset as the best market-rate apartment in Apache Junction,” said Koskovich.

Monterey Pines, WEB

Monterey Pines in Peoria Sells for $10.8M

Marcus & Millichap announced the sale of Monterey Pines, a 216-unit apartment home community in Peoria, Ariz., a suburb of Phoenix. The $10.8M sales price equates to $50,000 per unit.

Cliff David, a Marcus & Millichap vice president investments, and Steve Gebing, a senior director with Institutional Property Advisors, a Marcus & Millichap company, both located in the Phoenix office, represented the seller, Murano Properties. David and Gebing also advised the buyer, Mentor Properties Inc.

“The interior amenities and community advantages offered by Monterey Pines are unparalleled for an asset of its vintage,” says David. “The property’s physical improvements include well-designed floor plans that amplify the available living space and feature revenue enhancement capabilities through existing washer/dryer connections.”

“Furthermore, Monterey Pines is located within a submarket that is poised for smart growth through the city of Peoria’s 10-Year Capital Improvement Plan for fiscal years 2013-2022,” continues David. “The plan is a $463M investment in 166 different capital projects focused on coordinating efforts with schools, utilities, developers, and other agencies for the express purpose of creating sustainable community assets.”

Developed by Hrebec Properties in 1984, the apartment complex is located on 10 acres at 8650 W. Peoria Ave. in Peoria, just south of the Bell Road retail corridor, which is anchored by the Arrowhead Towne Center, a 1.2 MSF regional mall.

Apartment interiors at Monterey Pines feature garden kitchen windows, oversized walk-in closets with double rods and shoe shelves, individual exterior storage rooms and covered private patios/balcony decks. Community amenities include two swimming pools and a spa, a poolside ramada with built-in barbecues, a newly integrated and lighted sport court, horseshoe pit, shuffleboard, playground and picnic area, reserved covered parking, contemporary clubhouse and complimentary Wi-Fi connectivity in the clubhouse and pool area.