Avanti Residential Sells Phoenix-Area Asset for $85M
Newmark brokered the transaction and arranged financing.
In an $85 million deal, Avanti Residential has sold Villas at Mountain Vista Ranch, a 256-unit value-add multifamily property in Surprise, Ariz., to Tailwind Investment Group.
Newmark represented the seller and arranged financing through First Citizens Bank & Trust Co., which originated a $55 million loan, according to Yardi Matrix data.
Located at 16630 N. Reems Road, the community is within 3 miles from W Grand Avenue, 2.2 miles from Arizona State Route 303 and a 45-minute drive from Sky Harbour International Airport. Several retail, dining and entertainment venues are in the property’s proximity, along with green areas such as Surprise Community Park and a variety of golf clubs.
Completed in 2003, Villas at Mountain Vista Ranch is a garden-style community that encompasses 22 two-story buildings with one-, two- and three-bedrooms units ranging between 839 and 1,200 square feet. Common-area amenities include a fitness center, a clubhouse, a business center, volleyball and basketball courts, two spas and two swimming pools. Units feature washers and dryers, as well as private balconies or patios. Detached garages are available for an extra fee.
Newmark recently brokered another value-add multifamily transaction, representing River Rock Capital in the acquisition of Viva Max, a 240-unit community in San Antonio. The seller was a private individual.