"We got a lot of offers because it's a pretty unique community," Steve Nicoluzakos, a senior associate at Grubb & Ellis/BRE Commercial in Phoenix, tells GlobeSt.com. "A hundred percent of the units have direct-access garages and views of the city and mountains."
Located at 4647 E. Francisco Dr., the 97%-leased Canyon View generated several offers during a year-long marketing campaign. Purchaser Canyon View Development LP of Phoenix spent six months in escrow with seller Canyon View Apartments LP of Beverly Hills, CA, due in large part to negotiating the assumption of an existing HUD-insured loan with Malone Mortgage Co. in Dallas. The buyer eventually came to terms on the $7-million loan, which was originally provided at 8.37% fixed-rate interest and 40-year amortization.
At $98,901 per unit, the deal represents the second highest price paid in the market to date this year. Constructed in 1997, the 12-building Canyon View boasts luxury living tucked in the South Mountain Preserve. The unit mix includes 13 one-bedroom apartments, 65 two-bedroom apartments and 13 three-bedroom apartments. Average unit size is 1,100 sf, with rents averaging north of $1,000 per month, says Nicoluzakis. The complex was 97% occupied at closing.
Nicoluzakis and David Fogler of Grubb & Ellis/BRE Commercial negotiated for the seller. Matthew McCurley and Gary DeGennaro, both of RE/Max Achievers' Ahwatukee office, represented the buyers in the deal. Both are also partners in Canyonview Development LP.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
