561-unit Solano Ridge I and II sell for $56.7M
Solano Ridge I and Solano Ridge II Apartments, a 561-unit multifamily housing community located near 35thAvenue and Northern, sold this month for a combined price of $56.7 million.
The complex was purchased in December 2016 by 3rd Ave Investments of Phoenix for $35.95 million. Over the last 30 months, 3rd Ave Investments invested $2.5 million into the property to upgrade the apartments, clubhouse and common areas.
The NorthMarq Phoenix team of Trevor Koskovich, Bill Hahn, and Jesse Hudson represented both the seller and the buyer, Intercapital Partners of Chicago, in this transaction.
“Solano Ridge was a unique investment for the buyers to acquire two properties and significant economies of scale,” said Koskovich. “The seller deployed capital into the common areas and amenities, but left upside for new investors via interior renovations and in-unit washer/dryer installation.”
Built in 1982, the apartment communities feature studio, one- and two-bedroom apartments, along with three swimming pools, a dog park and upgraded outdoor living spaces. Solano Ridge is in close proximity to major employment hubs, retail centers, and universities.