PHOENIX-Hall Financial Group has sold its last two assets in Greater Phoenix for a combined $21.95 million. The 193-unit Summertree Apartments and 150-unit Villatree Apartments have been acquired by different buyers.
Tyler Anderson, vice chairman in Phoenix for CB Richard Ellis, tells GlobeSt.com that the Frisco, TX-based investor "bought these two as part of a portfolio back in 1983 and simply didn't want to own two older properties in Phoenix any more." He teamed with CBRE's Sean Cunningham and Jack Hannum to represent the seller of the 95%-leased complexes. For nearly two years, Hall has been selling vintage properties in the Southwest that he bought in the early 1980s.
San Diego-based Fairfield Residential LLC snagged the class C Summertree Apartments at 1923 N. 70th St. in Phoenix for $11.5 million. In Tempe, local buyer PEM Investment bought the class B Villatree Apartments at 1750 S. Price Rd. for $10.45 million. Anderson says both new owners plan to upgrade the properties.
Built in 1980, Villatree has a mix of studio, one- and two-bedroom apartments, ranging from 465 sf to 1,000 sf. Its monthly rents go from $625 to $845.
Summertree was built in two phases between 1962 and 1975. The complex also has studios as well as one- and two-bedroom units, with 475 sf to 830 sf. Its monthly rents range from $535 to $685.
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