By Evelina Croitoru
CBRE brokered the sale of San Paulo, a 208-unit Class A community in Phoenix. Rivendell Global Real Estate purchased the asset from PrivatePortfolio Group for $32.5 million.
Located at 14625 S. Mountain Parkway, the community consists of one-, two- and three-bedroom floor plans ranging in size from 707 to 1,374 square feet. The garden-style community’s units are equipped with nine-foot ceilings and full-size washers and dryers. Common area amenities include a fitness center, a clubhouse, a swimming pool with spa, a business center and 275 parking stalls. The property’s occupancy rate reached 95.2 percent as of June 2017, according to Yardi Matrix. San Paulo is located within Mountain Park Ranch, a master-planned community which provides access to an array of Mountain Park Ranch HOA amenities including tennis courts, swimming pools and parks.
Strategically situated asset
“Located in the preferred Ahwatukee submarket, San Paulo presents a tremendous investment opportunity. The community is surrounded by numerous established master-planned communities with strong demographics, access to top-rated schools and proximity to some of the East Valley’s largest employers,” CBRE’s Vice Chairman Sean Cunningham, said in prepared remarks.
According to Yardi Matrix, the transaction was subject to an $22.5 million loan originated by a private lender. The asset last traded in 2000 when PrivatePortfolio Group paid Bridge Investment Group Partners $16 million for the community.
Image courtesy of sanpauloapartments.com