Capital Markets experts in the Phoenix Office of Jones Lang LaSalle have completed the $4.73 million sale of Main Street Lofts at Verrado, a Class A, urban-style, condominium-quality multifamily property located at the center of the Verrado master-planned community in Buckeye, Ariz.
Jones Lang LaSalle’s Executive Vice President John Cunningham and Vice President Charles Steele represented the property developer and seller, DMB Associates. The buyer is Waitt Verrado LLC, a newly formed company involving WaittCorp Real Estate LLC of Omaha, Neb. (Norm Waitt, Chairman) and Arcadia Capital Group LLC of Phoenix, Ariz. (Jay Khor, Director of Acquisitions).
As is the case with Main Street Lofts, the companies continue to seek high quality, uniquely positioned real estate opportunities in the Phoenix market. They purchased Main Street Lofts because of the prime location within the Main Street District at Verrado, one of the Valley’s fastest growing and highest quality master-planned communities. In the near term, the company will work to improve efficiency, grow rental rates and occupancy.
“This is a truly unique urban-designed property for the West Valley that earned very broad buyer interest,” said Cunningham. “The transaction continues to demonstrate the investment community’s interest in the recovering single-family and multifamily markets, particularly in the West Valley.”
According to Michael Burke, Vice President of Development at DMB, “the Main Street Lofts has helped energize Main Street, and the strong return of the multifamily market signalled the right time for this planned sale.”
Located at 21068 W. Main St., Main Street Lofts is a 44,750-square-foot property that includes 45 apartment homes in nine, two- and three-story buildings. The structures border the north and south sides of Main Street in Verrado’s town center, and sit above ground floor retail that is 100 percent leased to Bashas’ grocery store, CVS Pharmacy, Bank of America, Ciao, Grazie Pizzeria, Tempo Urban Bistro and Anderson Institute of Music.
Completed in 2004, Main Street Lofts is a collection of townhome, loft and apartment residences averaging 994 square feet. Units range from 736 square feet to 1,692 square feet (average 994 square feet) in studio, one-, two- and three-bedroom floorplans. The property additionally includes 16 private garages and 29 covered, lighted parking spaces.
Main Street Lofts offers its residents numerous amenities, including building entrances, upper-level elevator access, private patio/balconies, stacked full-size washers and dryers, and cable and high-speed Internet. The Verrado community includes diverse amenities such as a Community Center and championship 18-hole Raven Golf Course and Club. It is approximately 25 miles west of Downtown Phoenix and located between two of the West Valley’s largest job hubs: Luke Air Force Base and Palo Verde Nuclear Generating Station.