Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

PHOENIX-Anthem Shadow Mountain LP, a Vancouver, BC-based investment group, has disposed of its last property in the metro: the 265-unit Shadow Mountain Villas. The deal’s winner is a SoCal investor that put up $15.6 million or $58,867 per unit.

According to David Fogler, senior vice president for Phoenix-based Grubb & Ellis/BRE Commercial LLC, the 3511 E. Baseline Rd. complex was listed for only a handful of days for $15.5 million or $58,490 per unit. “There was overwhelming interest in the property, as it was a well-located class B property providing a very good value-added opportunity. There just are not many of those out there,” says Fogler, who with Steve Nicoluzakis, also with Grubb & Ellis/BRE Commercial, brokered the transaction for both parties.

Fogler tells GlobeSt.com that the buyer, Greater Phoenix Income Properties, isn’t likely to convert the property into condominiums. “It’s a possible exit strategy,” he adds. “But, I think he may well just fix it up and continue to run it as a rental.” The new owner has several other multifamily properties in the region.

The seller, in the meantime, will be concentrating on other assets. “He owned the property for about 10 years so it was time for him to sell,” Fogler says.

Shadow Mountain Villas, built in the late 1980s, was 90% occupied when the deal closed. The unit mix is 48 one-bedroom apartments and 217 two-bedroom units. The apartments, ranging from 607 sf to 930 sf, rent for $615 to $919 per month.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.