X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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

PHOENIX-The 240-unit Springs Apartments have been sold to an Englewood, CO-based real estate management company for $16.5 million or $68,750 per door.

Located at 17211 N. 35th Ave., the 23-year-old complex, developed as condos before becoming a rental property, will be returned to its original use. The projected conversion cost for the 92%-leased complex is $6 million, according to Brad Goff, principal with Apartment Realty Advisors’ Phoenix office.

“The Hill Cos. put quite a bit of due diligence into this, in terms of visiting the location and underwriting it,” says Goff, who represented the seller, Thomas Properties of Centennial, CO. The buyer used an in-house broker to package the deal.

Goff tells GlobeSt.com that the property was on the market 45 days, receiving five to 10 offers. “We had higher offers in terms of price,” he says, adding that the asset was listed for $17 million. He says potential buyers who took the time to view the properties had the advantage. The Hill Cos., which continues to seek out condo conversion activities in the area, took the time to do just that. “They knew what to do with the property,” he says.

Springs Apartments, situated on 9.7 acres, has 60 one-bedroom units of 758 sf, which rent for $603 per month; 148 two-bedroom apartments, ranging from 933 sf to 1,126 sf and renting for $728 to $769; and 32 three-bedroom layouts, measuring 1,322 sf and being marketed for $903.

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. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

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

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.