Springwood Apartments at 2540 N. 51st Ave. have been sold for $8,080,000 to a California private investor. The sale is part of the dynamic multifamily investment market attracting out-of-state buyers to Phoenix.
“This buyer recognizes a terrific value-add opportunity in this property,” says Trevor Koskovich, executive vice president with Colliers International in Greater Phoenix. “The Maryvale submarket is rapidly improving as a community and investment opportunity. Springwood Apartments is poised for modernization and appreciation as an asset.”
Julie Rice Davis of Los Angeles purchased the property from Frances Morales of Phoenix.
Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers International in Greater Phoenix represented the seller in the disposition. Aaron Fierstein of Marcus & Millichap in Los Angeles represented the buyer.
Springwood is a two- and three-story apartment community comprised of 16 buildings built in 1986. The property’s 160 rental units include 10% studio, 31% one-bedroom, 50% two-bedroom and 9% three-bedroom units. At the time of sale, the community was 89% occupied. Common area amenities at Springwood Apartments include a swimming pool, lush landscaping, laundry facilities, outdoor barbeques and 245 parking spaces. Unit amenities include dishwasher, garbage disposal, French doors and private patios and balconies, as well as additional storage in select units.
Springwood Apartments are located south of Thomas Road along the west side of 51st Avenue. Interstate 10 is situated just one mile south of the property and the immediate neighborhood includes a variety of single-family homes, multifamily properties and commercial/industrial developments. Several schools are within one mile of the community and several hospitals are within a five-mile radius. Springwood is located minutes from Grand Canyon University, which is currently undergoing a major expansion.