Colliers International in Greater Phoenix recently completed the sales of the 220-unit Paradise Falls and 288-unit Canyon Place apartment complexes for a combined total of $18 million to different buyers.
Weidner Investment Group of Kirkland, Wash., acquired Paradise Falls, located at 15434 N. 32nd St. in Phoenix, for $10.4 million, or $47,272 per unit. The seller was Aslan Realty Group of Irvine, Calif.
Mentor Properties of Scottsdale acquired Canyon Place, located at 4715 N. Black Canyon Highway in Phoenix, for $7.6 million, or $26,496 per unit. The seller was Canyon Place Apartments LLC of Los Angeles.
Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers’ HSK Multifamily team represented all parties in the two transactions.
“The opportunity to make small capital improvements combined with the property’s good physical condition and high occupancy rate of 95 percent attracted Weidner to Paradise Falls as a solid investment,” Hahn said.
Paradise Falls is a two- and three-story community consisting of 15 buildings on 7.91 acres with 181,374 net rentable square feet. The majority of the property was built in 1986. In 1997, the property was expanded. The unit mix is approximately 55 percent one-bedroom and 45 percent two-bedroom, ranging from 564 square feet to 1,164 square feet. Approximately 23 percent of the apartments have wood-burning fireplaces.
Common amenities at Paradise Falls include two swimming pools, a spa, fitness center, business center, a lounge area with a large screen television and outdoor barbecues. The complex has 220 covered parking spaces, plus 127 open parking spots.
“Canyon Place represents a high-quality rental property and strong value for residents in the immediate submarket. In addition, recent capital improvements including new roofs, covered parking and air conditioning units drew Mentor Properties to Canyon Place,” Koskovich said.
Canyon Place is a two-story apartment community consisting of 18 buildings on 9.98 acres with 192,600 net rentable square feet. Built in 1985, the unit mix is approximately 13 percent studios, 50 percent one-bedroom and 37 percent two-bedroom, ranging from 450 square feet to 950 square feet.
Common amenities at Canyon Place include two swimming pools, a spa, playground area, two laundry facilities and outdoor barbeques. The complex has 288 covered parking spaces, plus 45 open parking spots.
Hahn, Sherman and Koskovich specialize in the sale of multifamily investment real estate in the Southwest. Colliers HSK Multifamily is positioned within the marketplace as a service intensive operation serving the private and institutional capital markets.