Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of Sonoma Pines, a 216-unit multifamily asset in Peoria, Arizona. The $19 million sales price equates to $87,963 per unit.
“Positioned atop the competitive set of apartment properties in Peoria that were constructed in the 1980s, Sonoma Pines gives new ownership the opportunity to continue interior renovations – both in terms of unit finishes as well as interior washer and dryer installations,” says Cliff David, senior managing director. “This execution, coupled with the implementation of a robust amenity package and more sophisticated common area use should generate increased monthly rent premiums.”
David and Steve Gebing, senior managing director, represented the seller, Mentor Properties, and The Jones Group procured the buyer, a joint venture between Henley USA and Modern Residential Company.
Constructed in 1984, the apartment complex is located at 8650 W. Peoria Ave. in Peoria. The property is four miles north of the Westgate Entertainment District, a nearly eight million-square-foot shopping, dining and entertainment destination adjacent to the University of Phoenix Stadium. The 2.1 million-square-foot P83 Entertainment district and Arrowhead Towne Center, a 2.1 million-square-foot super regional mall, are also nearby.
Sonoma Pines’ one- and two-bedroom apartments offer spacious floor plan designs with a weighted average unit size of nearly 800 square feet.