The ORION Multifamily Group of Orion Investment Real Estate announced the closing of Sun Crest Apartments, a 94-unit, “Class B” apartment project, for $4,450,000 ($47,340 per unit). The buyer is KR Capital, LLC, an experienced Calabasas, California-based Phoenix multifamily ownership group.
“Over the past several years the buyer has had positive experiences in this Mesa submarket and Sun Crest was a good fit for their expanding Phoenix portfolio. Not only is Sun Crest a majority 2 bedroom unit community, but offers unique attributes to residents that you don’t see in many other Phoenix multifamily properties, such as, tuck under unit parking in select areas, open areas with artificial grass and a majority of the units have fully renovated interiors with new appliance packages. The property also has lots of upside with the light rail expanding to be one block away”, stated Alon Shnitzer with the Orion Multifamily Group.
Sun Crest Apartments was built in two phases, 1964 and 1984, and is located one block from the light rail expansion at Sycamore and Main St and near downtown Mesa. The residence includes two sparkling pools, tuck under or covered parking, mature landscaping, open areas with artificial grass and private courtyards. Unit upgrades include new granite-looking countertops, upgraded flooring, upgraded lighting, new appliance packages and low flow toilets. Sun Crest offers a unit mix of one, two and three bedroom unit types, with 86% of the unit types being two bedroom unit types and an approximate overall average square footage of 920.
The Seller, United Home Equities LLP, purchased the property in 2010 for $3,150,000 in a receivership sale and invested a significant amount of money into improving the property over the past several years.