1. Bridge Investment Group of Salt Lake City has purchased the Verona Park apartment community at 1666 S. Extension Rd. in Mesa for $43,750,000.00.
The Utah investor plans to complete modernization of the 304-unit development, which is located in a popular infill area.
“This asset provided a terrific value-add opportunity for investment,” says Cindy Cooke, senior executive vice president of Colliers International in Arizona. “The property is located adjacent to the recently redeveloped Fiesta District and in an area surrounded by expanding tech companies.
Verona Park was partially updated by the seller and the buyer will benefit from completing renovations in an environment of rising rental rates.”
Bridge Investment Group purchased the property from Millburn Company, also of Salt Lake City. Cindy Cooke and Brad Cooke of Colliers International of Arizona represented Millburn Company in the transaction and Bridge Investment Group was self-represented.
Verona Park consists of 19 residential buildings totaling 248,224 square feet. The community was built in 1981. The community features one and two-bedroom units averaging 817 square feet each. Twenty-five of the units have been renovated, leaving the remaining 279 apartments with classic interiors for future upgrading.
Verona Park is located within a submarket that experienced 9% rent growth in 2018. The property is situated next door to the Fiesta District, where $425 million has been invested. The community’s appealing infill location features18,000 jobs within a one-mile radius.Source: https://azbigmedia.com
2 Bridge Investment Pays $70M for Phoenix Community
The seller of the 460-unit Class B asset purchased the apartments in mid-2014 as part of a nearly $170 million portfolio deal.
The P.B. Bell Cos. has sold the Laguna Village Apartment Homes, a 460-unit Class B community near Phoenix, for $70.3 million, according to Yardi Matrix. The buyer, Bridge Investment Group, financed the acquisition through a Fannie Mae line of credit from Wells Fargo Bank.
The asset last changed hands in July 2014, when Standard Fund sold the community to P.B. Bell as part of a $168.5 million portfolio transaction. The sale included more than 2,700 units, all in the Phoenix metro area. . . Nearly 20 miles east of Laguna Village, Atlantic Development & Investment traded an affordable community in January, for $22.5 million.
The property sold through a 1031 tax-deferred exchange.
Source: https://www.multihousingnews.com
3. Institutional Property Advisors, a division of Marcus & Millichap, has facilitated the $30 million sale of Modern on Gilbert, a 265-unit community in Mesa, Ariz.
According to Yardi Matrix data, the deal was subject to a $24.8 million loan, held by Freddie Mac.
Senior Managing Directors Cliff David and Steve Gebing represented the seller, a joint venture between Modern Residential Co. and Henley USA, and also procured the buyer, S2 Capital.
Last summer, the same team facilitated the nearly $23 million sale of a 173-unit asset in Tempe, Ariz.
Located at 1800 E. Covina St. on 19 acres in the North Mesa submarket of Phoenix, Modern on Gilbert—formerly known as Sonoma Villas—is very close to downtown Mesa, with both the Riverview shopping center and Falcon Field Airport within 6 miles of the community.
Source: https://www.multihousingnews.com
