Colorado Investor Expands Portfolio with First Phoenix Acquisition
Phoenix, December 2017– The Addison apartments at 6525 N. 15th Ave. in Central Phoenix have been sold to a Colorado investor for $7,000,000. The private equity firm is expanding its portfolio of assets with this, its first Phoenix acquisition.
“The Addison offered an appealing value-add opportunity in a very popular submarket for renters,” says Jesse Hudson with Colliers International in Greater Phoenix. “This investor owns other properties in Tucson, Texas, and Colorado and now is expanding into Phoenix.”
Hudson, Trevor Koskovich and Bill Hahn negotiated the sale transaction. GR Capital Partners, LLP, a Colorado limited liability partnership purchased the property from Palos Verde Phoenix LLC, an Oregon limited liability company.
GR Capital, based in Highlands Ranch, CO, specializes in value-add investment opportunities located within job growth municipalities. The firm focuses on management and operational improvements, as well as interior and exterior renovations. The partners of GR Capital possess a combined 30 years of experience and have owned and operated thousands of apartment units.
The Addison was built in 1969 and contains 68 apartment units. The 12-building community is situated on 3.71 acres and totals 71,712 square feet of interior space. The one, two and three-bedroom units range in size from 747 to 1,202 square feet in size. The community was 91 percent occupied at the time of the sale.
Located at the northeast corner of Maryland and 15th avenues, The Addison offers convenience to the Metro light rail system, as well as an abundance of bus transportation options. The neighborhood offers one of the city’s largest and most popular YMCA recreation centers, the Palo Verde Golf Course, and the Christown Spectrum Mall. Phoenix Baptist Hospital and a variety of public schools are walking distance from the community. The Addison is just minutes from Grand Canyon University and just five minutes from Interstate 17.
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