Element Property Co. Buys Arizona Community for $30M
Delivered in 2004 and 2008, Port Royale in Sierra Vista includes 252 apartments across 18 buildings.
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.