CHANDLER, AZ-Phoenix-based Alliance Residential Co. struck a deal with Gardner Real Estate Co., also of Phoenix, to acquire the 290-unit Villa Pallavicini apartments. Alliance paid $37.5 million (approximately $129,310 per unit) for the class A property, which was completed in 2005 by the seller.
The complex is situated on 16.9 acres at 635 S. Ellis St., which is fairly close to the Price Corridor, which is known for containing Fortune 500 employers. “Offering the foremost example of world-class infrastructure and serving an intelligent, innovative labor pool, the city’s Price Corridor is the preeminent home for high-income wages in greater Phoenix and is located less than two miles south of Villa Pallavicini,” says Steve Gebing, vice president investments with Marcus & Millichap Real Estate Investment Services. Gebing and Marcus & Millichap colleague Cliff David (also vice president investments), represented the seller in the transaction.
Villa Pallavicini was inspired by the Palazzo Pallavicini Rospigliosi in Rome. The luxury interiors include kitchens with breakfast bars, nine-foot ceilings, rounded archways, garden tubs and full-sized washers and dryers.
The property features grape vineyards, open-air fountains and cobblestone pathways with overhead trellises. Community amenities include two resort-style swimming pools and spas, a stand-alone fitness center, bocce ball court, gated entry, garage parking, a clubhouse with a pizza oven and wine cellar, and state-of-the-art audio-visual and wireless communications.