Phoenix, March 10, 2016 – Colliers International in Greater Phoenix completed the sale of the 226-unit Sorrento Apartments for $18 million, or approximately $79,646 per unit. The community is located at 901 S. Dobson Road in Mesa, Arizona.
Cindy Cooke, senior executive vice president; and Brad Cooke, senior vice president, with Colliers’ Phoenix office, represented the seller, Hamilton Zanze of San Francisco, California. The Cooke team originally represented Hamilton Zanze in its acquisition of Sorrento in 2010.
The buyer was a private investment company, Silverstone Moreno, LLC, of Carlsbad, California, who was self-represented. This marks Silverstone’s entry into the metro Phoenix multifamily market.
Sorrento offers the buyer a true value-add opportunity with its strong infill location in the heart of the Southeast Valley,” said Cindy Cooke. “This investment provides Silverstone Moreno excellent upside potential through interior upgrades and improvements to the common areas and community amenities.”