ARA Completes Two Apartment Sales Totaling $50.5 Million

Casa Santa Fe
Casa Santa Fe
Cabrillo
Cabrillo

Dec. 2, 2013- ARA facilitated the sale of two North Scottsdale apartment complexes, Casa Santa Fe, located at 11105 N. 115th St., and Cabrillo, located at 11620 E. Sahuaro Dr.

ARA’s Brad Goff and Dave Lord represented HSL Properties, Humberto Lopez and Omar Mireles in the sale of the two properties. Casa Santa Fe is a 262-unit complex and sold for $29.245 million, or $111,622 per unit. Cabrillo is a 224-unit property and sold for 21.255 million, or $94,888 per unit.

“Casa Santa Fe and Cabrillo represent some of the best value add opportunities in North Scottsdale,” said Goff. “This location has been built out for decades when it comes to multifamily use and is nestled in one of the highest valued single family home markets in the Valley.”

New York Life Investors was the buyer in the transaction. Casa Santa Fe and Cabrillo are the first direct multifamily acquisitions in the Phoenix market for the company.

“The new owners intend to increase the marketability and appeal at the properties through interior and exterior renovation, bringing the properties more in line with the A-plus location,” Goff said.

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