Colliers International in Greater Phoenix recently completed the sale of the 468-unit, Class C Willow Springs Apartments in Phoenix for $13.25 million or $28,312 per unit ($42.66 per square foot).
Resort on 27th LLC of Los Angeles purchased the property, located at 4715 N. 27th Avenue, from MLCFC 2007-7 North 27th Avenue LLC of Miami Beach, Florida.
Bill Hahn, Jeffrey Sherman, and Trevor Koskovich, executive vice presidents with Colliers International’s HSK Multifamily Southwest Team, represented both buyer and seller.
Built in 1986, the apartment community consists of 14 three-story buildings constructed on a rectangular-shaped site, situated on 13 acres. The property is north of Indian School Road, south of Glenrosa Avenue and west of the I-17.
Within 310,596 square feet of living space, the unit mix is 252 one bedroom/one bath, 108 two bedroom/one bath and 108 two bedroom/two bath apartments.
Unit amenities include walk-in closets, dishwashers, storage rooms and private balconies/patios. Common amenities at Willow Springs include a swimming pool, spa, laundry facility, fitness center, playground and 468 covered parking spaces, plus 280 additional open spaces.
A separate rental office and clubhouse are located at the west end of the property with visibility along 27th Avenue.
The frame and stucco buildings feature brick veneer and siding accents with pitched composition shingle roofs.