Element Property Co. Buys Arizona Community for $30M
Delivered in 2004 and 2008, Port Royale in Sierra Vista includes 252 apartments across 18 buildings.
Port Royale. Image courtesy of Institutional Property Advisors
Element Property Co. has acquired Port Royale, a 252-unit community in the southern Arizona city of Sierra Vista, from Bascom Arizona Ventures for $30 million. The purchase price equates to $119,048 per unit. Institutional Property Advisors (IPA) represented the seller and sourced the buyer.
The property sits on 13 acres at 1201 N. Colombo Ave., 4 miles northeast of central Sierra Vista. A significant retail cluster along Arizona State Route 90—anchored by Target, Walmart and Lowe’s Home Improvement—is a mile away. The site is also close to the University of Arizona South, Cochise College and Hastings Center. Sierra Vista Municipal Airport is 8 miles away.
Built in two phases in 2004 and 2008, Port Royale comprises one-, two- and three-bedroom units in across buildings. Community amenities include a clubhouse, playground, swimming pool and fitness center. Select apartments offer walk-in closets, laminate flooring and a private garage.
IPA company noted in a statement that Port Royale is a strong candidate for renovations as most of the unit interiors have original finishes. The transaction team at IPA, a division of Marcus & Millichap, included First Vice President Hamid Panahi as well as Executive Managing Directors Steve Gebing and Cliff David.
The purchase follows Element Property’s acquisition of another Arizona community for $38 million this past February. The 444-unit garden-style asset in Tucson changed hands for the first time since its construction in 1985.
