North Central News

Local investors buy Phoenix apartments

Colliers International in Greater Phoenix recently completed the sale of Villa Contenta, a 62-unit Class B multifamily complex in the Camelback Corridor for $3.44 million.

3rd Ave Investments of Phoenix purchased the property, located at 1523 W. Colter St., from Pioneer Colter LLC of White Plains, N.Y. This is the second purchase Zev Hendeles, principal of 3rd Ave Investments, has made in the last month. Hendeles recently closed on Aster Gardens in Phoenix, a 28-unit apartment complex, and is actively pursuing other deals.

The 49,300-square-foot Villa Contenta, built in 1968-1969, consists of 15 buildings constructed on a rectangular site of approximately 3.75 acres. The complex has about 77 percent two-bedroom and 23 percent three-bedroom apartments, 12 of which have in-suite washers and dryers. Common amenities include a swimming pool, laundry facilities and 115 uncovered parking spaces.

“Proximity to light rail has historically shown to improve property values as it encourages redevelopment of the surrounding areas, which is underway in this area,” said Jeffrey Sherman of Colliers International’s HSK Multifamily Southwest Team.

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