PHOENIX-Two real estate behemoths have exchanged the 275-unit Vista Ventana Apartments and the 432-unit Sands Point Apartments for $39.7 million. With the deal done, the new owner is planning to renovate both class B complexes.
Fairfield Properties LP of San Diego, buying as FF Realty LLC, bought the Vista Ventana Apartments at 3221 W. El Camino Dr. and Sands Point Apartments at 8330 N. 19th Ave. from Denver-based Apartment Investment & Management Co. "They're looking at Phoenix right now as a good opportunity, based on demographics and new construction," Todd Braun, senior director for Cushman & Wakefield of Arizona Inc.'s Phoenix office, tells GlobeSt.com. He and C&W directors Jim Crews, Paul Gross and Brett Polachek negotiated the transaction for the buyer and the seller.
Braun says the seller preferred to offer both complexes, which are 95% filled, as a package. "They figured it would be easier if these were offered together to one buyer," he says, "but it wasn't imperative."
Braun adds the REIT had owned both complexes for close to a decade and felt that, given the strong marketplace, the timing was right to sell them. He says the 1980s-constructed complexes were on the market nearly two months, receiving 15 offers, with Fairfield ending up as the buyer because of its pricing structure, short look period and reputation.
Vista Ventana Apartments has studio, one- and two-bedroom units, measuring 400 sf to 906 sf, and rents of $449 to $699 per month. Sands Point Apartments is a mix of one- and two-bedroom apartments from 597 sf to1,040 sf, with rents of $539 to $719 per month.
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