Buckeye, Ariz. – The 136-unit Riverwood Apartments, located at 25157 W. Beloat Road in Buckeye, Arizona sold last week for $10,875,000.
The NorthMarq Multifamily team of Bill Hahn, Trevor Koskovich, and Jesse Hudson represented both the seller and the buyer in this transaction.
Aspen Square Management, Inc., a Massachusetts corporation, was the buyer.
“Riverwood was a unique opportunity for the buyer to acquire a partially affordable, rent-restricted asset that has reached its compliance period,” said Koskovich, president-NorthMarq Investment Sales. “The property has significant operational upside by removing the rent restrictions through the Arizona Department of Housing, allowing the new owners to raise rents to market or renovate the property to push value further.”
Riverwood Village Limited Partnership, an entity formed by Walling Development of Mesa, Arizona, were the sellers.
The 136-unit apartment community built in 2001 is comprised of 41 percent two-bedroom units and 59 percent three-bedroom units. Located in the Buckeye submarket south of Beloat Road and east of Miller Road, the property is close to the I-10 employment corridor. Major employers include Banner Health, Luke Air Force Base, Amazon, APS, PetSmart, and Shamrock Foods.
Buckeye is located in West Maricopa County, the second-smallest submarket in Phoenix with just over 4,000 units. The submarket encompasses many of the metro’s outlying areas, which have seen rapid population growth, including Goodyear and Buckeye. Fundamentals have been stable for most of this cycle as strong apartment demand has outpaced a minimal amount of new supply, tightening vacancies near the all-time low in third quarter of 2018. Robust job and population growth, coupled with the submarket’s discounted rents, are driving demand for apartments.
For more details about the Phoenix multifamily market, view our Q4 2018 market report: https://www.northmarq.com/phoenix-q4-market-report-rent-growth-employment-gains-fueling-phoenix-apartment-market/
As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $13 billion, loan servicing portfolio of more than $56 billion and the multi-year tenure of our more than 500 people.