DEAL OF THE DAY: Colliers Witnesses Intense Competition for $34,228/Unit Sale of Lender-Owned Property

Phoenix–Colliers International negotiated the sale of Biltmore Center, an apartment community located at 4341 and 4333 North 24th Street in Phoenix. The lender-owned 149-unit asset sold for $5.1 million, or approximately $34,228 per unit.

Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International’s Phoenix office represented both the seller and buyer. The seller was CRP Properties, LLC, of Irvine, Calif., a division of Chase Bank NA; and the buyer was Starpointe Communities of Scottsdale, Ariz.

“There was intense competition from the buying community due to the property’s highly-desirable location in the Camelback Corridor near 24th Street and Camelback Road,” says Hahn. “A critical element of the marketing and acquisition of Biltmore Center was the seller’s requirement that it be sold as an all-cash transaction without a financing contingency. Starpointe’s ability to close quickly for cash and their long track record as a successful developer enabled them to emerge as the winning bidder.”

Biltmore Center consists of two adjacent properties set on approximately 2.97 acres. The property at 4333 North 24th Street was built in 1971, and the property at 4341 North 24th Street was built in 1982. The 149-unit community consists of 88,996 rental square feet with a mix of studio, one- and two-bedroom units in two- and three-story buildings. Monthly rental rates are approximately $550 for a studio, $600 to $725 for a one-bedroom, and $850 for a two-bedroom.

Common amenities include two swimming pools, a fitness center, two laundry facilities, outdoor barbeques, and covered parking. Interior amenities have been upgraded to include granite countertops; stainless steel appliances; new cherry wood kitchen cabinets; and new moldings, baseboards, windows and entry doors.