Cassidy Turley, a leading commercial real estate services provider in the U.S., announced the sale of The Village at Gateway Pavilions, a 240-unit apartment community located at 1700 N. 103rd Avenue in Avondale, Ariz.
PEM Real Estate Group, represented by Cassidy Turley Executive Managing Directors David Fogler and Steven Nicoluzakis, sold The Village at Gateway Pavilions for $23.15 million ($96,458 per unit). Alliance Realty Partners, LLC acquired the apartment community.
“The buyer was attracted to The Village at Gateway Pavilions because it offered the opportunity to acquire a Class A multi-family asset in a submarket viewed as offering significant rent growth potential,” said Fogler.
Built in 2004, The Village at Gateway Pavilions is a Class A garden-style apartment community in the West Valley, near the intersection of Interstate 10 and the Loop 101 Freeway. The complex includes four meticulously designed one-, two- or three-bedroom floor plans ranging in size from 685 to 1,071 square feet. The community includes a large clubhouse with kitchen, fitness and business center; resort style pool and spa; children’s playground; community volleyball court; and a gated entry.