California Investor Enters Phoenix Reposition Play
Investors keep flocking to Arizona for value with upside.
Goodyear, Ariz. — A 264-unit Phoenix-area apartment community has traded hands for $27.2 million. Multifamily services firm ABI Multifamily arranged the sale of Palm Valley Apartments. According to Yardi Matrix records, California’s JB Partners Group (Laramar Group) picked up the asset from Pedcor Cos., an Indiana-based multifamily owner and developer.
The 1998-built community is located 15-miles west of downtown Phoenix within Goodyear’s 9,500-acre Palm Valley Master Planned Community. The 19 apartment buildings sit on just over 16 acres of land, and according to ABI, represent a “B+” community situated in an “A+” location. The asset is immediately adjacent to the Arthur Hills-designed Palm Valley Golf Club.
“This is an amazing deal, for both the buyer and seller,” says Rue Bax, senior managing partner at ABI. “The Phoenix Metro has seen tremendous investment activity in and around urban core districts which has resulting in tremendous increases in price and price/unit sales.”
The new owners have plans for a reposition play. Amenities at the asset include a pool, spa, fitness center, outdoor barbecue area, picnic areas and a clubhouse with business center.
