Upside in Arizona Multifamily Market Continues to Attract Buyers
Phoenix, Ariz. – JLL’s Capital Markets experts have completed the $31,827,500 sale of Sanctuary on 22nd, a 266-unit apartment community at 8530 N. 22nd Ave., in the heart of Phoenix.
Managing Directors John Cunningham and Charles Steele led the Multifamily Capital Markets team handling the sale on behalf of the seller, Laguna Point Properties. The buyer was a private investor.
“Sanctuary on 22nd is a significant value-add opportunity in an area with high demand and minimal new multifamily construction,” said Steele. “That, combined with its close proximity to I-17 and Light Rail, make Sanctuary on 22nd a very well-positioned asset in one of the healthiest local apartment markets in the country.”
Built in 1985, Sanctuary on 22nd totals 266 apartment homes with mix of one and two bedrooms, and an average unit size of 788 square feet. Each unit features an oversized patio and full-size washer and dryer. Select units offer a fireplace option. On-site amenities include two pools, a modern fitness center, clubhouse and business center. The community sits on 10.14 acres between Dunlap and Northern Avenues, less than one-half mile from Interstate 17 and a METRO Light Rail station, providing quick connectivity to all parts of the Valley.
JLL delivers multifamily investors a full range of solutions through one diverse, integrated platform. The division employs over 200 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multifamily and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.
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About Laguna Point Properties
Laguna Point Properties is an Orange County-based multifamily investment company that focuses on value-add opportunities in the Western United States. The company, which was formed in 2009, owns and operates over 3,000 units and continues to grow. The principals of Laguna Point Properties have a deep experience in the multifamily industry and have successfully acquired, renovated and sold over $6 billion of assets.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with operations in over 80 countries and a global workforce of 88,000 as of September 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.