Fisher, whose team represented both the buyer and the seller, comments that the transaction "reflects the increased desire on the part of private real estate investors to enter the institutional investment market" today. "We are definitely seeing more private parties stepping up to acquire these types of assets."
Fisher notes that the buyer owns a nearby apartment building and can achieve certain economies of scale with the addition of Canyon Crest to its portfolio.
"We were able to identify the right buyer for this asset and both parties were satisfied with the outcome," he says.
Canyon Crest's occupancy rate was 95% at the time of the sale. The complex, which was built in 1992, includes units of one to three bedrooms ranging from 690 square feet to 1,122 square feet. Each unit has stacked washer/dryer sets and private balcony/patios. Other common area amenities include a pool and two spas, fitness center, basketball court and subterranean parking.
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