The buyer added this property to his portfolio of West Phoenix apartments (Photo courtesy of Colliers)
Colliers negotiates $5.45M west Phoenix apartment sale
Colliers International of Greater Phoenix negotiated the $5.45 million sale of Bella Rio Apartments at 4903 W. Thomas Rd. in West Phoenix.
The property was sold to a local investor who is adding the development to his existing portfolio of local apartment projects.
“Bella Rio is a perfect example of a property purchased to take advantage of rapidly rising rents in the recovering west side of Phoenix,” says Trevor Koskovich, executive vice president with Colliers International.
Koskovich, Blll Hahn and Jeff Sherman of Colliers International of Greater Phoenix negotiated the sale transaction. The property was sold by ReNue Properties Ltd. of Scottsdale and purchased by Zongfu Li of Mesa-based Excel Real Estates, LLC.
Bella Rio Apartments is situated on 4.08 acres of land and is comprised of 180 apartments units totalling 68,150 square feet. Built in 1977, the property was 90 percent occupied at the time of sale.
The apartment mix includes 50 percent one-bedroom, 49 percent studios and 1 percent two-bedroom units.
Located on the south side of Thomas Road, Bella Rio is conveniently situated just one mile north of the Papago Freeway/Interstate 10. The freeway provides accessibility to a host of employment hubs, including the Phoenix Warehouse District. Phoenix Industrial Park, Payne Industrial District and the Airhaven Industrial District all are easily reached along Grand Avenue just four miles to the east of Bella Rio.
Surrounded by single-family homes, other apartment properties and commercial developments, Bella Rio benefits from a mixed environment with convenient services. The property appeals to tenants because of its convenient transportation access, as well as it proximity to the dynamically growing nearby Grand Canyon University.