Bridge Investment Group of Salt Lake City has purchased the Verona Park apartment community at 1666 S. Extension Rd. in Mesa for $43,750,000.00. The Utah investor plans to complete modernization of the 304-unit development, which is located in a popular infill area.
Phoenix, Ariz. – The Laguna Village apartment community at 102 Palomino Dr. in Chandler has been sold to a Utah based investor for $70,250,000.00. The buyer intends to complete modernization of the 460-unit property and increase the development’s value within a submarket that has recently experienced strong population growth.
“This property is ideally suited for upgrades and re-positioning,” says Cindy Cooke senior executive vice president of Colliers International in Arizona. “Laguna Village is located in Chandler which has seen some of the strongest employment growth in the Valley. The area has also experienced tremendous population growth and Laguna Village is surrounded by a very limited supply of rental competition.
Phoenix, Ariz. – Argenta, a 396-unit apartment community at 4104 E. Broadway Rd. in Mesa, has been sold to a California investor for $50,275,000.00. The development offered opportunity for future value appreciation with extensive renovation and modernization.
Argenta was sold by Millburn Company of Salt Lake City. The buyer was 29th Street Management III, based in San Francisco. Cindy Cooke and Brad Cooke of Colliers International in Greater Phoenix handle the sale transaction.
“We were honored to be involved in the disposition of Argenta for Millburn Company. They did a great job stabilizing and positioning Argenta for the next buyer. 29th Street Capital’s strong local knowledge made them the perfect buyer to take Argenta to the next level.”
Siena on Baseline, an apartment community at 4520 E. Baseline Rd., has been sold to a Dallas investor for $49,000,000.
“This property offered a very attractive ‘value-add’ opportunity for the buyer,” said Cindy Cooke, senior executive vice president of Colliers International in Greater Phoenix. “The community is located in one of the best employment and transportation accessible areas of the city which creates a strong tenant demand for renovated units.”
Country Brook Apartments located in the highly sought after Southeast Valley of Great Phoenix was purchased by a California-based investor for $74,000,000. MG Properties Group of San Diego acquired the 396-unit community located at 4909 W. Joshua Blvd in Chandler. Cindy Cooke and Brad Cooke of Colliers International in Greater Phoenix handled the marketing and sale transaction.
PHOENIX, ARIZ. – The Terraces at Glassford Hill apartments in Prescott Valley have been sold to California-based Virtú Investments for $47,350,000 which is $209,530 per unit.
“The Terraces is irreplaceable with it’s unique location positioned on top of Glassford Hill. The fantastic views overlooking Prescott Valley combined with Class A quality design provides consistently high occupancy coupled with strong rents. Virtú took the time to truly understand this dynamic asset and submarket,” said Brad Cooke, executive vice president with Colliers International in Greater Phoenix.
With more capital raised then product available coupled with the continual rise in interest rate looming what is your project worth today? Over The Cooke Team’s combined 77+ years in the industry we have experience multiple cycles and successfully priced assets accordingly. This wisdom has equated to 101% pricing accuracy and we have never had to lower the price on any listing. Take advantage of our knowledge and let us provide you a current evaluation on your asset at no cost.
Contact Brad.Cooke@colliers.com to get started.
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