Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Sonoma Sol, which will be renamed “Cordova Apartments,” a 320-unit multifamily property in Phoenix’s West Valley. The asset sold for $32.25 million, or $100,781 per unit.
“The property benefits from its location near the Southwest Valley Industrial Corridor and the anticipated Loop 202 South Mountain Expansion, the largest infrastructure project in Arizona’s history,” said Cliff David, IPA senior managing director. “This $1.7 billion investment in transportation infrastructure will provide greater connectivity and traffic relief as well as efficiencies within logistics. Simply put, it’s game-changing for the West Valley.” Sonoma Sol is positioned approximately one-mile from the new 22-mile Loop 202 freeway expansion.
David and Steve Gebing, IPA senior managing director, represented the seller, Mentor Properties, and procured the buyer, a joint venture between an affiliate of The Roxborough Group and SB Real Estate Partners (SBREP), headed by industry veterans Srijin Bandyopadhyay and Stephen Henry.
“The acquisition of Sonoma Sol represents SBREP’s strategic focus on growing its portfolio within the Phoenix MSA, specifically within pockets with favorable supply/demand dynamics such as the Southwest Valley,” commented Bandyopadhyay. “We think this area is at an exciting inflection point in terms of job growth and enhanced connectivity with the rest of Phoenix.”
Built in 1985 on more than 10 acres, the property is easily accessible from Interstate 10 and enjoys a terrific street window for marketing purposes along McDowell Road. The property features a majority of two-bedroom units and a full-size side-by-side washer and dryer in each apartment home. The property’s amenities include a fitness center, resident clubhouse, swimming pools and outdoor play areas. SBREP and Roxborough’s plans include full repositioning of the asset, with an upgrade of the property’s common areas and amenities, and an interior renovation program.
“We are excited to add another Phoenix multifamily asset to our portfolio and believe Sonoma Sol provides tremendous upside from our planned refurbishment program coupled with the increased demand from the completion of Loop 202, which will offer quicker access to many of Phoenix’s largest job centers,” added Matt McCormick, managing director of The Roxborough Group. “With no new supply in the immediate area, we believe the asset is well positioned for rent growth from the region’s strong forecasted population and employment growth.”