Colliers International in Greater Phoenix negotiated the sale of Silver Cliffs Apartment Homes at 1570 Paseo Grande in Bullhead City, Arizona, for $8.95 million or $55,590 per unit.
Colliers International’s executive vice presidents Bill Hahn, Jeff Sherman and Trevor Koskovich represented both the seller and buyer. The seller was Thompson Corporation of Brookfield, Wisconsin.
The buyer was Walika Properties of Van Nuys, California, a private investment company specializing in multifamily and commercial properties. This represents their first acquisition in this market.
“This transaction is evidence of higher yields that can be attained in smaller markets,” said Koskovich. “Silver Cliffs offered a well-positioned asset with positive cash flow, competitive market rents and a high occupancy of 98 percent. Walika Properties acquired the asset in the completion of a 1031 tax-deferred exchange, with new financing arranged through Bank of The West.”
Silver Cliffs is a 161-unit apartment community built in 1993, consisting of 118,400 square feet in six two- and three-story buildings on approximately 4.86 acres. The property offers 106 one-bedroom and 55 two-bedroom units with full-size washers and dryers, dishwashers, large walk-in closets, patio or balcony, and storage areas. Common amenities include reserved covered parking plus additional open parking, heated swimming pool, 24-hour fitness center, basic cable and 24-hour maintenance.
Silver Cliffs is conveniently located north of Silver Creek Road, a major thoroughfare, and two miles from SR-95, which connects north to Nevada, south to California and to other major highways. The community is in proximity to K-12 schools, Mohave Community College, shopping centers, grocery stores and two parks.
Situated on the east side of the Colorado River near the junction of Arizona, California and Nevada, Bullhead City is one of Arizona’s fastest growing communities. As the sister city to Laughlin, Nevada, and just 90 minutes from Las Vegas, tourism is a primary economic driver centered on the resort and gaming industry. To the south is the Fort Mojave Indian Tribe’s casinos and recreational facilities. The Colorado River and Lake Mead National Recreation Area offer visitors and residents year-round recreation.