The property, a 355-unit Class B Apartment complex, was built in 1979 and sits on approximately 7.92 acres.
Karl Abert, Managing Director with NGKF’s Phoenix office represented the seller, Belleview Communities, LLC. The buyer, SPL Properties of Denver, Colorado was represented by Todd Braun at Lee & Associates. The acquisition expands SPL Properties’ footprint in the Phoenix marketplace.
Multiple offers were generated prior to the bid deadline and NGKF achieved an at-list price sale following an extensive national marketing campaign of the 6.3 percent CAP rate opportunity.
“Following their acquisition of the previously foreclosed property, Belleview communities completed an extensive exterior and interior renovation, resulting in operational stabilization as well as substantial rental income growth.” says Abert. “The desirable location produced high occupancy rates and provided residents convenient neighborhood services.”