PHOENIX-In its continued quest to find class A multifamily properties for conversion, SunVest Communities of Hallandale, FL has acquired the 360-unit Reflections on Camelback for $59.04 million.
Located at 909 E. Camelback Rd., the three-year-old Reflections on Camelback was sold by San Francisco-based BlackRock Inc. "The seller bought this 18 months ago and paid about $94,000 a door at the time," says Tyler Anderson, vice president with CB Richard Ellis Inc.'s Phoenix office. He and colleague Sean Cunningham represented the seller in the transaction while SunVest was self-represented.
Anderson tells GlobeSt.com that the asset, listed for 30 days, attracted 10 offers, with SunVest getting the nod because of price and track record. To date, SunVest has bought four properties in the area and is converting them into condominiums. The portfolio consists of the 360-unit Red Rock Villas, bought about a month ago, and 330-unit Joshua Tree Apartments at 11545 N. Frank Lloyd Wright Blvd. and 228-unit Mountain Canyon Apartments at 3236 E. Chandler Blvd., both in Phoenix. A SunVest affiliate, ViaWest Properties of Phoenix is handling the conversion and sales.
The 92%-leased Reflections on Camelback has 11 studios, each 699 sf; 210 one-bedroom apartments ranging from 736 sf to 838 sf; 121 two-bedroom units, 1,040 sf to 1,086 sf; and 18 three-bedroom floor plans, 1,299 sf to 1,328 sf. Rents go from $870 to $1,530 per month. Amenities include private garages and a fully-equipped technology center and a fitness facility.
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