Neil Sherman and Carrick Sears, multifamily specialists in the Phoenix office of Sperry Van Ness, negotiated the $2,825,000 sale of Country Aire Apartments located at 1701 N. Palo Verde Drive in Goodyear, Ariz.
The buyer, Univest, Inc of Newport Beach, Calif., purchased the 60-unit complex from Industrial Alliance Pacific Insurance & Financial Services Inc. Sherman and Sears represented both parties in the transaction.
Country Aire Apartments is a condominium community developed in 1982 which has historically been operated as a rental apartment complex. The property is individually metered for electricity and all units except one are two bedroom, one bath flats.
According to Sherman, “Industrial Alliance foreclosed on this asset in early 2012, and subsequently invested quite a bit of time and money into improving and repositioning the property. At the time of sale it was arguably one of the nicest rental communities in that submarket.”