Colliers International in Greater Phoenix has negotiated the sale of Adobe Highlands in Bullhead City to a private equity firm based in Irvine, CA.
“Bullhead City offered this buyer the appealing combination of higher cap rates and low cost per unit pricing, which will create higher returns on the investment,” said Bill Hahn of Colliers International. “The growing river community is a relatively safe investment opportunity because there new construction is nearly non-existent and water conservation efforts are limiting growth. Growing construction costs and limited new development make existing assets increasingly valuable.”
Hahn negotiated the sale with Jeff Sherman and Trevor Koskovich of Colliers International Phoenix, representing both the buyer and seller. Thompson Corporation of Brookfield, WI sold the asset to Adobe Highlands Management LP.
Adobe Highlands, located at 1618 Gold Rush Rd., is comprised of eight buildings with 125 apartment units. The property contains 40 percent one-bedroom units and 60 percent two-bedroom units with a total of 103,350 square feet. At the time of sale the complex was 97 percent occupied. The Southwestern style apartment development offers a swimming pool, 24-hour fitness center, 24-hour maintenance and covered parking. Unit amenities include walk-in closets, dishwashers, and in suite washer-dryer hook-ups.
Built in 1993, Adobe Highlands is situated on a major north-south thoroughfare running through Bullhead City. The property is surrounded by a number of quality schools, medical facilities and retail amenities. State Route 95 is located just one mile northwest of the property. Bullhead City, situated in the west central portion of Mohave County, is a burgeoning tourism attraction. The sister city to Laughlin, NV, Bullhead City attracts visitors for water sports, golf, trophy fishing and resort/casino activities.