L.A. investor buys Desert Winds Apartments for $13.4M
A Los Angeles-based investor has purchased the Desert Wind apartment community In West Phoenix for $13,400,000. The property, located at 4140-4141 W. McDowell Rd., has been partially modernized and provides opportunity for further updating.
“The West Phoenix multifamily market continues to experience strong demand from renters,” says Trevor Koskovich, executive vice president of Colliers International in Greater Phoenix. “The seller had begun an extensive capital improvement campaign at the property and the buyer will benefit from completing that effort. Upgrades to both interiors and exteriors have been a great investment in the asset.”
Pro Residential Services, Inc., a private equity company based in Los Angeles purchased the community from WWC XVII, LLP, an Arizona limited liability partnership formed by a private investor from North Vancouver, British Columbia. Koskovich, Bill Hahn, Jeff Sherman and Jesse Hudson negotiated the transaction.
Built in 1987, Desert Wind features 18 buildings with 216 units that total 138,192 square feet. Situated on 5.25 acres, the community features a swimming pool, BBQ area and on-site laundry facilities. Tenants benefit from an abundance of covered parking spaces.
The one and two-bedroom apartments range in size from 535 to 778 square feet. Units include spacious floor plans with oversized closets, patio/balcony and full-sized appliances. Newly renovated units include washer/dryer in the apartment, vaulted ceilings, ceiling fans and outside storage.
Desert Wind is located just north of Interstate 10, offering convenient access to Downtown Phoenix and a variety of other employment and education hubs. The Loop 101 is located less than five miles from the property. Desert Wind tenants benefit from an abundance of retail amenities and schools in the immediate area. The property is close to Arizona State University’s West Campus and Grand Canyon University. Additionally, the community provides easy access to the warehouse/distribution employers of West Phoenix along Interstate 10.