Colliers International in Greater Phoenix recently completed two sales for one buyer, Investment Property Associates (IPA) of Grand Haven, Mich. The buyer purchased the 395-unit Sienna Springs apartment complex for $20.5 million and the adjacent Willowick Square office building for $5.9 million, both in Phoenix.
Both properties are located on the southwest corner of North 16th Street and Colter Street within a mile from the Camelback Corridor. IPA plans to redevelop the sites with high-end multifamily and senior apartments, and possibly some mixed-use components.
Liv Biltmore LLC, an entity of IPA, purchased Sienna Springs, 5120 N. 16th Street, from P.B. Bell (Bellstone VII LLC) of Phoenix. The same buyer acquired Willowick Square, at 5150 N. 16th St., from Presson Advisory LLC of Phoenix.
“We are, again, glad to work with IPA on this transaction and look forward to watching their vision for this unique community become a reality,” said R. Chapin Bell, chief executive officer of P.B. Bell.
Both transactions were brokered by Cindy Cooke, senior executive vice president, and Brad Cooke, senior vice president, both with Colliers International.
“Historically, Phoenix has been known for its sprawling suburbs and outward expansion; however, developers are refocusing their attention toward the urban infill location,” said Cindy Cooke, adding, “These highly desirable sites provide tenants with walkability to restaurants, shopping, entertainment and employment in the Camelback Corridor.”
Eric Johnston, IPA partner and president of its senior housing operating arm, Retirement Community Specialists (RCS), said, “Our desire is to work with the city to create a multigenerational campus, comprised of both a Liv multifamily and a Generations senior living community, where residents can move through various life stages without having to move from the neighborhood that has become their home.”
IPA partner Scott Brooks added, “There is an exciting transformation happening in that area and we believe our unique approach modeled after true village-style living will really complement the vision and growth of the neighborhood.”
The properties face 16th Street, which has been one of the most active redevelopment areas in Metropolitan Phoenix with many new restaurants, retail establishments, multifamily developments and other convenient amenities. The location provides residents with ample retail and business employment opportunities along Camelback Road. The Metro Light Rail is 1.7 miles away and State Route 51 is also nearby.
Built in 1973 and renovated in 2006, the Class B, garden-style complex is comprised of 17 one- and two-story buildings, totaling 201,298 square feet, on 10.20 acres of land. The open grass courtyards are complemented by a clubhouse, three swimming pools, a volleyball court, canopied playground, barbecue grills and picnic areas.
“Sienna Springs is located in the heart of one of the most dynamic livable areas within the Metropolitan Phoenix area. Very few multifamily communities have this combination of a central location, with excellent retail options, restaurants, theaters and other conveniences less than a mile away. It is the only 10-acre site within a five mile radius,” Cooke noted.
The buyer’s acquisition of Willowick really enhances the 10.2-acre site of Sienna Springs. It is a perfect corner piece giving its location on the corner of 16th Street and Colter, adjacent to Sienna Springs.
Built in 1974, Willowick Square is a Class B office complex, consisting of 53,417 square feet on a three-acre lot.