Northmarq completes $44.5 million sale of Sonoma Valley Apartments
Northmarq’s Phoenix Investment Sales team of Trevor Koskovich, Jesse Hudson, Bill Hahn and Ryan Boyle brokered the $44.5 million sale of Sonoma Valley Apartments in Apache Junction. The team represented the seller, Scottsdale-based Sonoma Valley, LLC.
The 176-unit Sonoma Valley Apartments — located at 975 South Royal Palm Road — was purchased by FSO Real Estate Services, LLC, a division of FSO Capital Partners, a real estate private equity firm based in Phoenix, focused on acquiring and managing value-add multifamily properties throughout the Southwest.
Built in 2001, the 176,000 square-foot, garden-style property includes 11 two-story buildings on 9.9 acres situated just south of the Old West Highway (Apache Trail) and east of State Route 88. The Sonoma Valley complex features an even split of 950 square feet, two-bedroom/two bathroom units and 1,050 square feet, three-bedroom/two bathroom units. The community includes a pool and hot tub, 24-hour fitness center, picnic areas, basketball court and playground.
“Sonoma Valley features original interior finishes, making the property prime for next-generation enhancements,” Hudson explains. “The buyer was attracted to the property because of its long-term, low-interest, fixed-rate assumable debt.”
In addition to its proximity to Mesa (the third-largest city in Arizona) as well as Gilbert and Chandler (two of the fastest growing cities in Arizona), Apache Junction is home to a diverse range of employers including Banner Health, Western Industrial Resources Corporation and the Superstition Mountain Campus of Central Arizona College.