CBRE has completed the sale of Copper Palms apartments, a 206-unit apartment community located at 12810 N. Cave Creek Road in Phoenix. The property commanded a sale price of $13.9 million and was 95 percent occupied at time of sale.
Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office negotiated the transaction. The seller was Paradise Shadows Phoenix, LP of Phoenix. The buyer was Copper Palms, LLC, an entity formed by Rancho Santa Fe, Calif.-based CVG Properties.
“Copper Palms offers investors excellent value-add potential,” said CBRE’s Cunningham. “In addition to selling well below replacement cost, the property was unencumbered by existing debt, allowing the buyer to take advantage of the current attractive financing environment. With the right upgrades to both units and common areas, the buyer should see significant return on investment.”
Developed in 1986, Copper Palms is an infill multifamily community located in the North Phoenix submarket. The property benefits from proximity to access to major transportation corridors and the Deer Valley, Desert Ridge, Scottsdale Airpark and Camelback employment districts are all within a fifteen-minute commute. Additionally, Copper Palms is close to desirable retail and lifestyle amenities, including Paradise Valley Mall, which is located less than five miles east of the
Community, and Desert Ridge Marketplace and Kierland Commons, each located approximately eight miles from the community.
Indian Springs Village
CBRE has completed the sale of Indian Springs Village, a 460-unit apartment community located at 1031 South Stewart Street in Mesa, Arizona. The property commanded a sale price of $29.8 million. The property was 94 percent occupied at time of sale.
Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office negotiated the transaction. The seller was MG Properties of San Diego, CA. The buyer was Del Mar, CA-based Stratford Partners Real Estate.
“Indian Springs Village offers an investor a unique opportunity. The property was available free and clear, allowing the buyer to take advantage of the current attractive lending environment,” said CBRE’s Tyler Anderson. “What’s more the property offers an excellent value-add opportunity as it features mostly original finishes and rents that are well below market rate. With the right upgrade program, the buyer should see significant return on investment.”
Developed in 1980, Indian Springs Village is considered a class B multifamily community. Located in the Fiesta District in a comfortable two-story, low-density setting, the community benefits from a strategic location with frontage on the highly trafficked north/south thoroughfare of Alma School Road. It is a mile north of the US 60 highway, and less than two miles east of the Loop 101 providing easy access to major employment corridors in Mesa, Tempe, Scottsdale, Chandler and Phoenix.
Shade at Desert Ridge Village
CBRE has completed the sale of Shade at Desert Ridge Village, a 342-unit apartment community located at 21150 North Tatum Boulevard in Phoenix. Financial details of the transaction were not disclosed.
Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office negotiated the transaction. The seller was LaSalle Investment Management of Chicago, IL. The buyer was Vancouver-based Ergas Group.
“Shade at Desert Ridge is an excellent investment opportunity. Located in one of the Valley’s most desirable submarkets, residents have immediate access to major employers, high-end retail, and contemporary dining,” said CBRE’s Sean Cunningham. “Shade is well-positioned to capitalize on the strong employment and population growth forecasted for the Valley over the next five years. Multifamily performance in the North Scottsdale/Phoenix area will be driven by significant higher-wage job growth trends and a consistently growing presence of young people attracted to the area’s unique amenities.”
Shade at Desert Ridge is located less than two miles from the world-renowned Mayo Clinic Hospital and is surrounded by additional Fortune 500 employment, including American Express, USAA, Discover Card, Go Daddy Group, Prudential, and Vanguard. Additionally, there are plans for a biomedical campus surrounding the Mayo Clinic. Shade at Desert Ridge is also adjacent to Desert Ridge Marketplace, putting residents within walking distance of high-end retail and contemporary dining.
Developed in 2006, Shade at Desert Ridge features resort-inspired architecture, spacious floor plans and attached garage parking. Individual residences feature open floor plans with nine-foot ceilings, well-appointed kitchens, spacious bedrooms with walk-in closets, private shade sail covered patios and balconies with spectacular mountain views and attached garage parking for more than 87% of the homes. The community has a large clubhouse, resort-style pool, separate lap pool, fully equipped fitness center with separate yoga studio, and resort quality landscaped grounds.