Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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

PHOENIX-A hot market has prompted San Francisco-based McDowell Properties to sell the 672-unit Autumn Ridge Apartments. McDowell, which acquired the class B property for $28.9 million in June 2005, received $52.31 million from Atherton-Newport of Irvine, CA.

During its hold, McDowell completed a major interior and exterior renovation of the asset, positioned at 1944 W. Thunderbird Rd. “We got through about 55% of the interior renovations and the Phoenix market got hot and cap rates low,” says Pat McDowell, the company’s president. “We saw what some of the properties sold for so we put it on the market and got an extraordinary price at an appealing cap rate.”

Colliers International’s senior vice president Cindy Cooke teamed with colleagues Tom Bade and Leah Truax to represent McDowell Properties. Cooke tells GlobeSt.com that the buyer was selected within three to four weeks of the listing hitting the market. Atherton-Newport got the nod, partly because it did careful due diligence and research. “They made an offer without upfront contingencies,” she says. “They also owned the property right next door so they were a natural buyer for that.” Just six months ago, Atherton-Newport acquired the 376-unit Northridge Apartments at 2140 W. Thunderbird Rd.

Autumn Ridge has one-, two- and three-bedroom units with 680 sf to 1,444 sf. Its rents range from $625 to $1,040 per month.

The seller is down to one multifamily asset in Phoenix, the 384-unit Somerset Villa at 909 W. Colter St., which is priced at $60,000 to $65,000 per unit. McDowell tells GlobeSt.com that he’d like to buy again in the area, given the right opportunity. “We’re a value-add buyer,” he adds. “If we can find the right asset, we’ll take a look at it.”

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


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.