Harbor Group International has expanded its Sun Belt portfolio with the off-market acquisition of Colter Park Apartments, a 384-unit community in Phoenix. 3rd Ave Investments, identified by Yardi Matrix as the seller, sold the asset for $80.8 million.
Westwood Realty Associates President Steven Vegh brokered the transaction. Northmarq Senior Vice President & Managing Director Bryan Mummaw arranged $55.5 million in Freddie Mac acquisition financing for the buyer. The senior loan carries a 2029 maturity date.
The 22-building mid-rise community dates back to 1972 and features studios, one- and two-bedroom floorplans. Common-area amenities include a fitness center, a clubhouse, a spa, two pools, four on-site laundry facilities and covered parking. The current owner is set to implement a $5 million capital improvement plan which will target the renovation of the units that were not yet upgraded, as well as common-area improvements.
Colter Park Apartments is located at 909 West Colter St. in West Uptown Phoenix and is part of the Camelback Corridor, offering access to several shopping options and employment centers. The property offers easy access to employment centers such as Bank of America, Uber, WeWork and Banner Health.
The purchase of Colter Park Apartments marks Harbor Group International’s 15th investment in Phoenix. The metro continues to outperform all other U.S. markets for multifamily sales volume, with nearly $7.4 billion in transactions recorded in the first half of the year.