Phoenix—Colliers International Group announced the sale of Solano Terrace Apartments, located at 4715 N. Black Canyon Highway in Phoenix, to Investment Concepts of Orange, Calif., for $19 million. Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers handled the marketing and sale of the community. 3rd Avenue Investments of Phoenix sold the property and financing was arranged through Fidelity BanCorp Funding.
Solano Terrance includes 18 two-story buildings totaling 288 units ranging from 450-square-foot studios to 950-square-foot two-bedroom, two bath deluxe units. Interior features include private patios, gourmet kitchens with dishwashers, in-suite washer/dryers, walk-in closets and breakfast bars. Residents have access to on-site amenities such as a fitness center, internet center, barbeque space, children’s play area, a spa and two pools.
“This property offered a unique opportunity close to the major transportation sources of I-17 and Light rail,” said Hahn, executive vice president, Colliers International. “The community is in good condition, requiring no immediate improvements, but provides many options to add value and increase revenue.”
The gated community was built in 1985, sits on 9.98 acres and was 94 percent occupied at the time of the sale.
Image courtesy of Colliers International Group