Berkadia has announced the sale of Mountain Top Village, located at 4850 South White Mountain Road in Show Low, Arizona. Managing Director Chuck LaBenz, Senior Director Greg Thielen and Associate Bryan Mummaw of the Phoenix office negotiated the transaction. Mountain Top Village sold for $2.1 million on July 10, 2015. The sales price reflects a per-unit price of $59,028, or $59 per square foot at an 8 percent cap rate.
Built in 2000, the 36-unit property features one-, two- and three-bedroom floor plans. Each unit features fully equipped kitchens, balcony or patio, washer and dryer, spacious closets, cable access and outside storage. Community amenities include 30 garages which are rented separately, open parking and energy efficient exterior lighting. The property is also on a mountain-top location with 20-mile panoramic views.
The community is located near Highway 260 and South White Mountain Road, providing residents access to the entire Show Low area. Mountain Top Village is less than a mile from Park Pineway Shopping Center and two miles from Show Low Lake. Top employers in the immediate area include Summit Healthcare Regional Medical Center, Freeport-McMoRan Inc., Walmart and Show Low Unified School District.
The seller was Mountain Top Village, LLC of Kailua Kona, Hawaii. The buyer was The Stewart Family Trust of Arcadia, California. The buyer and seller were both in 1031 exchanges. The buyer plans to fix the structural foundation issues and make additional cosmetic improvements. “The sale was a unique investment opportunity, as apartment assets rarely change hands in the Show Low area,” noted Thielen. “While Show Low is certainly a much smaller community compared to the Phoenix metro, the limited housing supply, increased cap rates and barriers to new development all yield significant investor interest when these complexes come to market.”