Colliers International in Greater Phoenix completed the sale of the 132-unit Las Brisas Apartments at 1000 N. Arizola Rd. in Casa Grande, for $6.25 million or approximately $47,349 per unit.
Bill Hahn, Jeff Sherman and Trevor Koskovich, executive vice presidents with Colliers’ Phoenix office, represented both the seller and buyer. The seller was Ronald Hansman of Redwood City, California. The buyer was California Capital Real Estate Advisors, who plans moderate property upgrades.
Built in 1986, Las Brisas is a 132-unit Class B property consisting of eight two-story buildings with 90,584 rentable square-feet set on approximately 6.96 acres. The community offers 12 studios, 40 one-bedroom and 80 two-bedroom units, ranging from 412 to 830 square-feet. Occupancy at time of sale was 96 percent.
Common amenities include a swimming pool, spa, Wi-Fi hotspots, laundry facilities, outdoor barbeques, picnic areas, 240 covered parking space and additional open parking. Unit features include walk-in closets, ceiling fans, dishwashers, private patios and balconies. Select units offer a breakfast bar and wood-burning fireplace.
“California Capital Real Estate Advisors owns multiple properties in Phoenix, Tucson and Las Vegas and has been very active for the past five years,” Hahn said. “Las Brisas provided an opportunity for them to acquire an asset in the growing Casa Grande market that offers a better rate of return than comparable properties in the Phoenix metropolitan area.”
Casa Grande’s population is growing annually by approximately three percent—more than double the pace of growth seen nationally. Residents are drawn to the city due to its affordable housing, proximity to job centers and healthy infrastructure. Casa Grande is strategically located at the intersection of the Interstate 8 and Interstate 10 highways in an area known as Arizona’s Golden Corridor.
K-12 schools, big-box retailers, grocery stores, the Promenade at Casa Grande Mall, Casa Grande Regional Medical Center and the Palm Creek Golf & RV Resort are all located within a two-mile radius of Las Brisas. The University of Arizona and Arizona State University are just one hour away.