Purchase is First Arizona Acquisition for California Investors
Dunlap Falls apartments at 3333 W. Dunlap Ave. have been sold for $22,600,000. The community was purchased by two California-based partnerships as their first acquisition in the Arizona market.
“This offered a great purchase opportunity because significant capital improvements were already addressed by the seller,” says Bill Hahn, executive vice president of Colliers International in Greater Phoenix. “More than $6 million was recently invested in property exterior improvements and specific interior modernization during the past two years, which provides the buyer ability to focus solely on completing interior upgrades,” adds Trevor Koskovich, executive vice president of Colliers International in Greater Phoenix
Dunlap Falls Partners, LLC, a Colorado limited liability company and 1031 Exchange Experts LLC as QI fbo WIP-Serendipity, LLC, a Colorado limited liability company purchased the apartment community from 3333 Dunlap Associates LLC, a Delaware limited liability company. The buyers’ LLCs are based in Colorado, but the investors are headquartered in San Francisco. Hahn, Trevor Koskovich, Jeff Sherman and Jesse Hudson of Colliers International in Greater Phoenix handled the transaction. Grandbridge Real Estate Capital LLC arranged financing of the purchase. The buyer intends to expand its portfolio with more properties in the Phoenix marketplace.
Dunlap Falls is a gated community located near MetroCenter. Built in 1973, the property features 29 buildings situated on 9.4 acres, offering a total of 288 units. The apartments consist of two- and three-bedroom floorplans ranging from 806 to 977 square feet. Apartments feature full-sized electric appliances, new tile/carpet flooring, balcony/deck/patio spaces, and some units offer wood style flooring and extra storage. Dunlap Falls provides its residents with covered parking and access to Cortez City Park, which is located across Dunlap Avenue. It also offers direct access through a private gate to the local high school and elementary school. The community features a sparkling pool, four laundry facilities, fitness center, club house and an on-site business center.
Centrally located near Interstate 17, Dunlap Falls provides convenient access to major employers along the Black Canyon Corridor, including USAA, Discover Card and American Express. Other employers in the area include Waste Management, CIGNA, Honeywell, Safeway and a regional office of the FBI. The MetroCenter submarket also provides outstanding retail amenities and rapid access to Sky Harbor International Airport. Grand Canyon University, ASU West and Thunderbird International are located within the submarket, as are Western International University, Ottawa University and Carrington College. This property will also benefit from the future expansion of the Light Rail system, which is scheduled to reach MetroCenter Mall by 2023.