Marcus & Millichap sells Verona Court for $10.2M
Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Verona Court, a 141-unit apartment community in Phoenix, Arizona. The sales price is $10.2 million.
“A number of medical centers and an abundance of healthcare professionals populate the region surrounding Verona Court, with the most prominent medical facilities being the Mayo Clinic, Abrazo Scottsdale Campus and HonorHealth Deer Valley Hospital. The medical sector along with the diversified business climate within the North I-17/Deer Valley Employment Corridor together account for over 60,000 employees. Notable employers within the North I-17/Deer Valley Corridor include Honeywell, Discover Financial, the PetSmart Corporate Headquarters, and a USAA Corporate Campus,” says Cliff David, a senior managing director. “With this robust economic backdrop, strategic capital investment and a proven hands-on management approach, new ownership is well positioned to advance the property’s operating performance.”
David and Steve Gebing, senior managing director of Marcus & Millichap’s Institutional Property Advisors (IPA) division, represented the seller, CalCap Advisors, and procured the buyer, Dalan Management.
Developed in 1985 by Fratantoni & Sollami, the property is located at 17646 North Cave Creek Road in Phoenix, approximately three miles southwest of the Desert Ridge Marketplace, one of the premiere shopping, dining and entertainment destinations within Greater Phoenix comprised of more than 1.2 million square feet and home to 110 retailers and restaurants.
Verona Court is situated on 3.90 acres and is built with one and two-bedroom apartment homes offering a frame and stucco design with pitched composite shingled roofs and individual electric meters for air conditioning. Apartment interiors feature ceramic tile flooring throughout.