Colliers International in Greater Phoenix negotiated the sale of two apartment assets in Phoenix for a combined total of $13.75 million.
Warren House East at 2911 E. Indian School Road in Phoenix, consists of 258 units and sold for $10.75 million or $41,667 per unit. Warren House North at 6060 N. 7th Street in Phoenix, consists of 67 units and sold for $3 million or $44,776 per unit.
Executive Vice Presidents Bill Hahn, Jeff Sherman and Trevor Koskovich with Colliers’
Phoenix office represented both the seller and buyer. The seller was Warren Properties of
Escondido, CA. The buyer was Mentor Properties, Inc., of Scottsdale, AZ. Mentor Properties, which owns several apartment communities in metro Phoenix, plans moderate upgrades and renovations at both properties.
Warren House East was built in two phases in 1970 and 1972. The property consists of 10 two- and three-story buildings with a total of 136,484 square feet situated on approximately 6.31 acres. The 258 units include 12 efficiencies, 51 studios, 159 one-bedroom and 36 two-bedroom apartments, ranging from 350 to 868 square feet. Common amenities include a swimming pool, tennis court, children’s playground, laundry facilities and 360 parking spaces. The property was 93 percent occupied at the time of the sale.
Warren House North was built in 1966 and includes a two-story building with 27,825 square feet situated on approximately .82 acres. The 67-unit community offers 37 studios and 30 one-bedroom apartments ranging from 375 to 465 square feet. Common amenities include a swimming pool, laundry facilities, outdoor barbeques and 89 parking spaces. The property was 87 percent occupied at the time of the sale.
“Both acquisitions provide Mentor Properties the opportunity to take advantage of the rapidly gentrifying areas along East Indian School Road and in the North 7th Street
corridor,” said Koskovich. “While adding value through property renovations, Mentor is positioned to capitalize on the millennial apartment market in these two highly desirable Phoenix neighborhoods.”
Warren House East is located in the Camelback Corridor and just west of the Arcadia neighborhood, with easy access to the entire Valley via the SR 51 freeway on-ramp two miles to the west. Numerous popular restaurants and extensive shopping options are available within one to two miles of the complex.
Warren House North is situated in North Central Phoenix, one block north of Bethany Home Road and one mile from the SR 51 freeway. The community is located in the heart of the top-ranked Madison School District and in proximity to a wide range of restaurants, grocery stores, shopping centers and medical facilities.