Promenade at Desert Sky sells for $11.85M
Colliers International in Greater Phoenix recently completed the sale of Promenade at Desert Sky, a 300-unit class-B apartment complex in Phoenix, for $11.85 million, or $39,500 per unit.
Desert Sky Estates, LLC, of Woodmere, New York, purchased the property, at 6233 W. Thomas Road, from WT Promenade LLC of Englewood, Colo.
Bill Hahn, Jeffrey Sherman, and Trevor Koskovich, senior vice presidents with Colliers International’s HSK Multifamily Southwest team, represented both buyer and seller.
Built in 1987, Promenade at Desert Sky features the highest quality architecture and design compared to class-B competitors in the Phoenix multifamily market. The apartment community consists of 216,140 square-feet, in 17 two-story buildings, situated on 11.4 acres. A wide frontage area faces an active thoroughfare at the entry.
Unit mix is 68 one bedroom/one bath, at 525 square-feet, and 124 one bedroom/one bath, at 690 square-feet. There are 68 two bedroom/one bath, 860 square-feet, and 40 two bedroom/two bath, 910 square-feet, apartments.
“Promenade at Desert Sky is one of the more physically attractive multifamily assets in the immediate area. The buyer will be able to leverage this attribute along with light physical improvements to derive above average performance in terms of rents and occupancies moving forward,” said Sherman.