PHOENIX-Trillium Residential LLC has struck a deal with a buyer for the 360-unit Trillium at Mountain Park Ranch, making the close for slightly less than the $51.9-million ask. The new owner is GID Investment Advisors LLC of Boston, which acquired the class A asset in the Ahwatukee Foothills on behalf of Windsor Realty Fund-V LLC.
Trillium had invested close to $1 million to upgrade the 11-year-old complex at 13820 S. 44th St., including the addition of a clubhouse and fitness center. Richard Ross, GID's director of western region acquisitions, tells GlobeSt.com that an additional $10,000 per door will be put into more upgrades. The asset is being renamed to Windsor at Mountain Park Ranch.
The complex is first acquisition in Phoenix for the fund, a joint venture between GID and CalSTRS. "This particular fund is an open-ended, single investor fund," Ross explains, adding the five-year-old fund targets high-quality multifamily assets nationwide to buy.
Ross says Mountain Ranch offered a low-execution risk. The plan is to hang onto the asset for seven to 10 years. Mark-Taylor Residential Inc. in Scottsdale will continue to manage and lease the 95%-occupied complex.
Situated in the Mountain Park Ranch master-planned community, the development is all two- and three-bedroom townhouses ranging from 1,112 sf to 1,310 sf. The monthly rents are $1,015 to $1,155.
CB Richard Ellis first vice chairmen Tyler Anderson and Sean Cunningham and first vice president Jack Hannum represented the seller. GID had in-house representation.
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