Colliers International in Greater Phoenix recently completed the sale of Villa Contenta, a 62-unit Class B multifamily complex in the Camelback Corridor of Phoenix for $3.44 million or $55,564 per unit ($69.87 sf).
3rd Ave Investments of Phoenix purchased the property, located at 1523 W. Colter Street, from Pioneer Colter LLC of White Plains, NY. 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.
Both parties were represented by Colliers International’s HSK Multifamily Southwest Team, led by Bill Hahn, Jeffrey Sherman, and Trevor Koskovich; executive vice presidents in the Phoenix office.
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.
The unit mix is 39 two bed/one bath (750 sf), nine two bed/one bath (750 sf) with washer/dryer, 11 three bed/one and a half baths (950 sf), and three three bed/one and a half baths (950 sf) with washer/dryer. Common amenities include a swimming pool, laundry facilities and 115 uncovered parking spaces.
The complex provides easy access to retail, entertainment and employment opportunities. Within a mile are two shopping centers, parks, churches, schools and recreational facilities. Interstate-17 is two miles west of the property and SR-51 freeway is three miles to the east. Downtown is minutes away on the Phoenix Metro Light Rail, as the apartments are located less than one-half mile from two stations: 7th Avenue and Camelback Road at 19th Avenue.
“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 Sherman.
The complex is minutes away from Grand Canyon University, which is undergoing a campus expansion project increasing the demand for housing.
“Villa Contenta offers a strategic location for future growth as it sits between the Grand Canyon University expansion, the bourgeoning Midtown Phoenix Corridor, North Central Phoenix, and the Camelback Corridor,” said Sherman, noting that the large lot size provides a variety of potential opportunities in the future.
Recent neighborhood redevelopment projects include The Newton, a commercial mixed-use community space housed in the iconic Beef Eaters restaurant. Located at 3rd Avenue along Camelback Road, one-half mile east of Villa Contenta, the adaptive reuse development attracts a variety of crowds to the neighborhood and encourages further growth.