Colliers International in Greater Phoenix recently completed the sale of Villa Serena, a 137-unit, class-B apartment complex, for $6.42 million, or $46,861 per unit.
Janet LePage of North Vancouver, BC, purchased the complex, located at 4221 W. Dunlap Avenue, from Bligh Group, LLC, of Rancho Santa Fe, CA.
Bill Hahn, Jeffrey Sherman and Trevor Koskovich, senior vice presidents with Colliers International’s HSK Multifamily, served as the brokers for the buyer and the seller. Colliers HSK Multifamily uses the extensive resources of Colliers International to assist in the placement of debt, investment sales and appraisal services. By ensuring strong and efficient systems are in place for the marketing, acquisition and disposition of properties and providing superior service, Colliers HSK Multifamily has achieved the highest market share of sales of B and C-quality multifamily assets in Arizona.
“Villa Serena provided the buyer with a good opportunity to acquire a clean building with solid cash flow and an upside through modest interior improvements,” said Sherman.
Built in 1982, the garden-style 117,732-square-foot apartment property is situated on 5.04 acres and consists of one, two and three-story buildings.
Unit mix is 63 one bedroom/one bath apartments and 60 two bedroom/two bath apartments. An additional 14 two bedroom/two bath flats are single-level casitas.
“This is a clean property positioned in a rebounding submarket that will benefit from the continued recovery in the local economy,” Sherman said.