Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Colter Park, a 384-unit apartment community in Phoenix. The terms of the sale were not disclosed.
IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, an institutional pension fund advisor. The buyer is a limited partnership formed by The Sheiner Group of Westmount, Quebec, Canada.
“Colter Park enjoys a commanding position in the city of Phoenix Infill Development District and within Transit-Oriented Zoning Overlay District One (TOD-1), an area that is experiencing a lifestyle regeneration through millions of dollars in gentrification efforts leading to unprecedented rental demand,” says Gebing. “The property’s seller implemented strategic capital expenditures to increase revenue and attract and retain an upgraded resident profile.”
“These measures have led to above-market physical occupancy with diminishing rental concessions, and further opportunities to enhance revenue remain,” adds David.
The property is located at 909 West Colter St. within walking distance of the Melrose District/7th Avenue/Camelback Valley Metro light rail station. Central Avenue, the major north-south arterial road connecting the Uptown/Midtown office corridor with downtown Phoenix, is approximately one mile east of the community. Camelback Corridor, one of the region’s premier urban centers and Phoenix’s most well-known and desirable high-end office destination with more than 9 million square feet of multi-tenant office space is nearby. The Biltmore area of the Camelback Corridor, one of the city’s premier upscale shopping, dining and financial districts is approximately three-and-a-half miles east of Colter Park, and Christown Spectrum Mall, a 1.4 million-square-foot power center, is approximately one-and-a-half miles northwest of the property.
Developed by Levitt & Sons in 1972 on nearly 12 acres, Colter Park features studio and one-, or two-bedroom apartment homes. Interiors have new kitchen and bathroom cabinets with brushed-nickel hardware, new countertops, all-electric kitchen appliances, upgraded lighting and plumbing fixtures, two-tone paint, upgraded baseboards and wide-plank wood-style flooring.
Community amenities include two swimming pools and a spa, a stand-alone leasing office, clubhouse, fitness center, clubroom with a fully appointed kitchen and business center, and four laundry facilities, including one laundry lounge with controlled access entry, new card-operated washer and dryer equipment and a wall-mounted flat-screen television. The main pool area is a Wi-Fi hot spot and the common areas feature barbecue grills and pet stations. Colter Park also features controlled-access gated entry, keyed-entry pedestrian gates and lighted cantilever covered parking.