The Addison apartments at 6525 N. 15th Ave. in Central Phoenix have been sold to a Colorado investor for $7 million. The private equity firm is expanding its portfolio of assets with this, its first Phoenix acquisition.
“The Addison offered an appealing value-add opportunity in a very popular submarket for renters,” says Jesse Hudson with Colliers International in Greater Phoenix. “This investor owns other properties in Tucson, Texas and Colorado and now is expanding into Phoenix.”
GR Capital Partners, LLP, a Colorado limited liability partnership purchased the property from Palos Verde Phoenix LLC, an Oregon limited liability company.
The Addison was built in 1969 and contains 68 apartment units. The 12-building community with one, two and three-bedroom units was 91 percent occupied at the time of the sale.
Another Colorado-based company also recently entered the Phoenix investment market with the $8.75-million purchase of Apex off 7th Street, an apartment community at 948 E. Devonshire Ave.
“This acquisition offered an outstanding opportunity to participate in the renaissance of Uptown Phoenix,” says Bill Hahn, executive vice president of Colliers International in Greater Phoenix. “The area has become increasingly appealing to residential tenants. The influx of creative, new restaurants and retail spaces, as well as the light rail system have re-positioned Central Phoenix as a 24/7 destination.”
Denver-based Allante Properties, LLC purchased the property from Villa Mirada Estates, LLC of Los Angeles. This marks the company’s first acquisition in Arizona.
Apex off 7th Street was built in 1980 and contains 104 units in seven buildings. It is located on 2.84 acres of land near 7th Street and Indian School Road, with one- and two-bedroom units.
In February, Mission Palms, located at 6131 N. 16th St., was purchased for $16 million by Phoenix-based Clear Sky RES Properties, an entity formed by Clear Sky Capital. The seller was JM Emerson, LLC of Cherry Hills Village, Colo.
Executive Managing Directors David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller.
Mission Palms is a 125-unit, boutique garden-style apartment community located in North Central Phoenix. Offering one- and two-bedroom options, Mission Palms has an average unit size of 833 square feet. Built in 1975, unit interiors include all-electric kitchens, spacious walk-in closets and private patios/balconies.
“The buyer plans to significantly improve Mission Palms to take advantage of the recent dynamic growth in the North Central area,” said David Fogler.