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-Going against its typical MO of medium- to long-term holds, the Geneva Organization has sold the 224-unit Adobe Ridge Apartments for $32 million to a local 1031 exchange investor. A year ago, the Minneapolis-based group had spent $29.5 million to secure the deed.

“We were anticipating a five- to 10-year hold period when we bought it last year. This was a brand-new asset and we’d just bought it from the developer,” says Garrett Farmer, Geneva’s vice president of acquisitions for the real estate wealth management firm. “But, this leased up a lot quicker than we’d anticipated, with few concessions given.” The market conditions, especially a dearth of rental multifamily product, also helped to spur the sale, he tells GlobeSt.com. The 17.24-acre complex at 4545 W. Beardsley Rd. was built in 2005 by MLP Investments LLC of St. Louis.

The 100%-leased Adobe Ridge has a mix of one-, two- and three-bedroom units ranging from 745 sf to 1,350 sf. The monthly rent is $800 to $1,055. Hendricks & Partners’ Phoenix office brokered both sides of the transaction.

Adobe Ridge was Geneva’s last holding in the region. In recent months, it also sold a senior living facility in Prescott. But, Farmer says, the company is interested in future investments in the region, but possibly through a joint venture arrangement.

“It’s hard to stay on top of that market because it moves fast,” Farmer says. “We’re looking for a direct source, a partner that can develop assets we can then take down.” He says Geneva isn’t picky about the type of product, but believes industrial and office assets most likely would better suit its needs in the market.

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 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
Live Chat

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