The ORION Multifamily Group of Orion Investment Real Estate announced the closing of the 62-unit, Villa Contenta Apartments for $2.7M ($43,548 per unit).
Centercrest III Condos, L.P. originally purchased the property in 1998 for $1,5M ($24,194 per unit). John Kobierowski and Alon Shnitzer with the Orion Multifamily Group led their team in this transaction.
“This was a unique opportunity to acquire a low density, all Two and Three Bedroom community that had significant value add still left in it. The property was owned for 15 years by the selling entity and that long-term of a hold period has become somewhat rare for the Phoenix apartment market,” said Alon Shnitzer with the Orion Multifamily Group.
“The location of Villa Contenta is only getting better and it especially helps that the Phoenix Light Rail is within walking distance to the property. Properties around the light rail are being sought after by renters and we have seen a recent increase in occupancies, which does typically result in higher values. This is one of the many reasons why the property went under contract in just a matter of a week,” said John Kobierowski with the Orion Multifamily Group.
Villa Contenta Apartments is a 62-unit multi-family property completed in 1969, located within walking distance to the Phoenix light rail.
The buyer, Pioneer Acquisitions, LLC is a privately owned company from White Plains, N.Y. Since its inception, Pioneer has been very active on the East Coast and in the Midwest, closing on several multifamily and retail acquisitions and purchasing secured debt. The acquisition of Villa Contenta Apartments is its first multi-family purchase in Arizona.
The Seller was Centercrest III Condos, L.P., a partnership based in Costa Mesa, Calif.
Shnitzer, Kobierowski, Rue Bax, Eddie Chang and Doug Lazovick of ORION Investment Real Estate in Scottsdale negotiated the transaction.
