Colorado company purchases Dobson Springs Apartments
Colliers International in Greater Phoenix recently completed the sale of Dobson Springs, a 120-unit Class B apartment complex, for $9.12 million, or $76,000 per unit.
The Standard-Mesa, LLC, of Denver, Colo., purchased the complex, located at 1325 W. Guadalupe Road in Mesa, from Synergy Dobson Springs LP in Phoenix.
Bill Hahn, Jeffrey Sherman and Trevor Koskovich, senior vice presidents with Colliers International’s HSK Multifamily, served as the brokers for the buyer and the seller.
Built in 1980, the garden style, 102,600-square-foot apartment property is situated on 4.46 acres and consists of five three-story buildings. Unit mix is 18 one bedroom/one bath and 102 two bedroom/two bath apartments. The complex has been extensively remodeled, inside and out, during the past four years.
“Dobson Springs gives the buyer an opportunity to step into a turnkey asset,” Sherman said, adding, “As the long list of recent capital improvements show, very little remains to be completed, allowing the buyer to reap the benefits of strong cash flow and a dynamic location with many nearby demand drivers.”
Colliers HSK Multifamily uses the extensive resources of Colliers International to assist in the placement of debt, investment sales and appraisal services. By ensuring strong and efficient systems are in place for the marketing, acquisition and disposition of properties and providing superior service, Colliers HSK Multifamily has achieved the highest market share of sales of B and C-quality multifamily assets in Arizona.