29th Street Capital Sells $53M Greater Phoenix Property
CIBC Bank USA provided $39 million to finance the acquisition.
Shelter Asset Management has acquired 1408 Casitas at Palm Valley, a 168-unit community in Avondale, Ariz., for $53 million from 29th Street Capital. Newmark’s team represented the seller with the company’s Debt and Structured Finance team securing $39 million in acquisition financing, provided by CIBC Bank USA.
Completed in 1984, the low-rise property encompasses 42 buildings with a mix of one-, two- and three-bedroom apartments, averaging 924 square feet. The units have private patios and yards, hardwood flooring and in-unit washers and dryers. Community amenities include a fitness center, fire pit, swimming pool, bark park and dog washing stations, playground, barbecue grilling stations and outdoor lounge with cabanas.
Located at 1408 N. Central Ave., within the Southwest Valley of Phoenix, the community is less than 2 miles away from Interstate 10, connecting it to downtown Phoenix, offering residents easy access to major employment hubs. Various retail and dining options, including Palm Valley Pavilions West shopping center and Target, are within a mile of the property.
According to Yardi Matrix, Phoenix is the second metro with the highest rent growth, registering a 24.2-percent increase year-over-year as of January. Currently, SAM Residential Group’s portfolio holds three properties in the metro, totaling 556 units, Yardi Matrix data shows.