The Town Center Apartments in Queen Creek, a Class A garden-style community, sold for $22,650,000 to Laguna Point Properties LLC by K and M Development #1 LLC, according to the brokerage firm that worked on the deal.
The apartment community is a two and three story garden-style community, which was built in 2009 on 10.52 acres of land. The 176-unit complex has one-, two- and three-bedroom apartments ranging in size from 750 to 1,272 square feet.
ABI Multifamily worked on the deal.
Unit interiors feature custom cabinetry in kitchen, bath and laundry, granite kitchen counter tops, hardwood style flooring and full size in-home washers and dryers.
Additional property features include: a fully furnished clubhouse with wet bar, 24-hour fitness center, heated pool and spa, as well as, shaded children’s play areas.
The Phoenix-based ABI Multifamily brokerage team of Rue Bax, Eddie Chang, John Kobierowski, Alon Shnitzer, and Doug Lazovick represented the buyer in this transaction.
“The buyer purchased this property for a host of reasons,” states Chang. “First, there’s extremely limited inventory in Queen Creek, in fact, there’s only one competing project and one currently in the planning phases. Second, the area has witnessed an explosion in population rising over 30 percent since 2010 alone and among the fastest growing cities in the US. Given these strong fundamentals, the Buyer jumped at the opportunity to own a Class ‘A’ asset with value add upside in a rapidly growing area.”