MESA, AZ-Following a two-year hold, Ventura Investment Co. of Camarillo, CA has disposed of its last multifamily property in the metro, selling the 256-unit Villages at Lindsay Park to Acacia Capital Corp. The seller has received $25.4 million from the off-market transaction.
"They'd sold their other complex, Sunridge Apartments, late last year and thought the market timing was right to move out of this product type," explains John McDonnell, multifamily specialist with Axxiom Partners LLC in Scottsdale, AZ. McDonnell, who partnered with Axxiom senior vice president Neil Sherman to represent the seller of 1441 S. Lindsay Rd., says the softening rental market was one reason why the seller decided to dispose of it.
"With condo reversions coming back on the market as rental units, and concessions creeping back, Ventura thought it was a good time to get out," McDonnell says. He tells GlobeSt.com that the 10-year-old complex had been in escrow since January because the buyer had to assume a HUD loan with a 10-year term, 30-year amortization and 8.18% fixed-rate interest. He adds that the lockout provision is up later this month.
The San Mateo, CA-based Acacia Capital, which has been extraordinarily active in the Phoenix market in recent months, plans to upgrade the 89%-occupied complex. "Acacia is known for an ability to increase occupancy and get higher rents and to take advantage of any upside potential," McDonnell adds. The new owner has tapped Apartment Management Consultants LLC of Phoenix to manage and lease the complex.
Situated on 11.82 acres, Villages at Lindsay Park has a mix of one-, two- and three-bedroom units averaging 895 sf. The average rent is $831 per month.
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