Colliers Completes Sale of Phoenix Portfolio
The assets comprise 700 units that are 95 percent occupied.
Phoenix—Colliers International in Greater Phoenix has completed the sale of a multifamily portfolio comprised of Argenta Apartments, located at 4104 E. Broadway Road and Verona Park Apartments, located at 1666 S. Extension Road in the growing East Valley submarket of Mesa. The portfolio contains 700 units totaling 520,773 square feet at a 95 percent occupancy rate.
Cindy Cooke and Brad Cooke negotiated the portfolio sale transaction. The properties were purchased by Millburn & Co. and Acacia Capital Corp. was the seller.
“East Valley 2 Portfolio was a true value-add investment opportunity, providing a buyer the opportunity to renovate not only the unit interiors but also the common areas,” said Cindy Cooke, senior executive vice president with Colliers International in Greater Phoenix. “These properties are a rare find today among the stable solid B quality assets in the East Valley.”
The Argenta community comprises 396 one- and two-bedroom units in two-story, garden-style buildings. Amenities include two pools, a clubhouse, a tennis and basketball court, a business center, a 24-hour fitness center, a spa, playground and barbecue area. In-unit features offer full appliance packages, washers and dryers and spacious floorplans. The Verona Park community comprises 304 one- and two-bedroom units featuring walk-in closets, washers and dryers, fully-equipped kitchens, ceiling fans, vaulted ceilings, wood-style flooring, kitchen pantries and balcony/patios. Residents have access to amenities such as two pools with a Jacuzzi, a 24-hour fitness facility, resident barbecue area, playground, soccer court, covered parking and Wi-Fi.
“We are excited to see how the buyer will transform Argenta and Verona over the next couple years to bring it up to today’s standards,” said Brad Cooke, senior vice president of Colliers International in Greater Phoenix. “The City of Mesa is emerging as a vibrant diverse city with strong population and job growth. At approximately half a million residents, Mesa is the third largest city in Arizona, the 38th in the nation and is attracting major companies like Apple.”
Images courtesy of Colliers International