La Serena Tuscana beat out six other bidders competitively jostling for the 324-unit Tuscany Cove Apartments during its 90 days on the market, Bill Hahn, with Sperry Van Ness' Phoenix office tells GlobeSt.com. The firm paid $10 million over the property's $14.5-million Maricopa County assessment. "We had a number of offers," he says, noting the competitive offers helped to drive up the price of the 1814 E. Bell Rd. development.
For the first-time Valley investor, the $24 million bought a luxury complex comprised of one- and two-bedroom units that are 95% leased. Hahn says the upside lies in the potential to increase the $705 per month average rent to $870.
Hahn says the buyer liked the upside potential and quality construction along with amenities that have helped keep the complex nearly filled to capacity since it was built three years ago by the Reynoldsburg, OH-based seller, Bell Enclave LP.
Built in 2002, the HUD-insured development is situated on 15 acres at Bell Road and 16th Street. It features 72 one-bedroom units and 252 two-bedroom apartments along with two resort-style pools, clubhouse, sauna, play area, garages and covered parking.
Hahn along with Kevin Rille, also with Sperry Van Ness in Phoenix, represented the seller in the transaction. David Baird of Sperry Van Ness in Las Vegas bargained the deal for the buyer.
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