SAM Residential Group Buys Value-Add Apartment Deal in Arizona

Los Angeles-based SAM Residential Group has acquired 1408 Casitas at Palm Valley, a 168-unit apartment property in Avondale, a submarket of Phoenix, for $36 million from 29^th Street Capital. The deal is a value-add play for the investor.

1408 Casitas at Palm Valley was built in 1984 as a low-density apartment community with casita and townhouse-style homes. The property has one-, two- and three-bedroom floor plans with private patios and yards, faux hardwood floors, full-size washers and dryers, outdoor storage and skylights in every unit. The property also features a full amenity suite with a new fitness center, fire pit, swimming pool, dog park, a playground and a resident lounge.