PHOENIX-Nearly 20 months after buying Estates on Maryland for just over $85,400 per unit, a Broomfield, CO investor has disposed of the class A complex for $39.5 million. The 330-unit complex was on the market $40.6 million.
Maryland Estates LLC opted to take advantage of the active market to sell the 2000-constructed complex to Colony Realty Partners, which operated under the name CPR-2 Acquisitions LLC of Boston. Tyler Anderson, executive vice president with CB Richard Ellis in Phoenix, says the seller fielded eight or nine offers for the 1802 W. Maryland Ave. property during the 30-day marketing. The property's appeal is its proximity to Downtown and the planned light-rail line.
One thing in Colony Realty's favor was its previous ownership. "The buyer had just bought San Valiente up the street through us a few months ago. They knew the submarket pretty well. They were going all cash and fast and were a solid buyer," Anderson tells GlobeSt.com. Colony Realty closed on its first area acquisition, the 604-unit San Valiente at 2220 W. Mission Lane, in April.
In the meantime, Estates on Maryland is the seller's last asset in Phoenix for the time being. "They have properties in Tucson they're converting to condos," Anderson says, adding the new owner plans to keep the class A Estates on Maryland as a rental. CBRE's Sean Cunningham teamed with Anderson to sell the holding. The buyer was self-represented.
The Estates on Maryland has a mix of one-, two- and three-bedroom units. The monthly rents range from $680 to $1,500.
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