Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Villas Los Limones, a 224-unit multifamily asset in Phoenix, Arizona. The $58.24 million sales price represents $260,000 per unit.
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“Villas Los Limones has benefitted from interior renovations designed around function and efficiency in approximately 40% of the units. These upgrades include smart technology door locks and thermostats, new paint and new plumbing fixtures,” said Cliff David, IPA executive managing director. “The property also sits less than two miles west of the anticipated $1 billion Metrocenter Mall redevelopment, slated to introduce new retail, restaurants, office and residential offerings to the neighborhood and deliver a lifestyle-oriented village concept that will further advance the desirability of the Interstate 17 (I-17) Corridor.” Steve Gebing, IPA executive managing director, and IPA senior vice presidents Hamid Panahi and Clint Wadlund represented the seller, Greenwater Investments, and procured the buyer, Rincon Partners.
The property’s location close to I-17 gives residents a 30-minute commute to 26,000 healthcare, finance, business services, education, and retail businesses. Led by Abrazo, Banner Health, and HonorHealth Hospitals, the property is proximate to over 28,000 healthcare professionals within a 10-mile radius. Metrocenter Mall, Arizona State University’s West Campus and Glendale Community College are nearby, and there are five light rail stations within a short drive of the property. Shopping is within easy walking distance at Ross Plaza, Peoria Plaza and Cambridge Plaza.
Villas Los Limones is a controlled-access, 18-building property situated on nine-plus acres. Community amenities include a pool, clubhouse and laundry facilities. The average apartment size is 678 square feet.
