LivCor Pays $43M for Phoenix Asset

1 min read

The buyer of the 240-unit property assumed the remaining balance of a $20 million financing package taken by the seller in mid-2016.

Solis at Towne Center

In a $43 million deal, the P.B. Bell Cos. has sold Solis at Towne Center, a 240-unit Class A community near Phoenix, according to Yardi Matrix. LivCor, the buyer, assumed the outstanding balance of a $20.2 million loan from Allstate taken by the seller in 2016. The mortgage matures in August 2026.

Located at 17600 N. 79th Ave. in Glendale, Ariz., the garden-style community’s 16 buildings are just east of the Agua Fria Freeway, 18 miles northwest of downtown Phoenix. The asset is in a major retail hub, opposite the 1.2 million-square-foot Arrowhead Towne Center and numerous big-box stores. Approximately 8 miles south of Solis, a 344-unit multifamily asset changed hands for $78.5 million in September.

Solis at Towne Center has one- and two-bedroom apartments, with unit floorplans ranging from 660 to 1,100 square feet. Community amenities include a 24-hour fitness center, a dog park, package delivery lockers and a swimming pool. Yardi Matrix shows the property was 96.7 percent occupied in September.

You May Also Like

The latest multifamily news, delivered every morning.

Latest Stories

Like what you're reading? Subscribe for free.