North Phoenix Community Changes Hands for $58M

Villas Los Limones. Image courtesy of IPA

Greenwater Investments has sold Villas Los Limones in Phoenix for $58.2 million to Rincon Partners. Yardi Matrix data shows that the buyer took out a $32.6 million loan from First Republic to finance the acquisition of the 224-unit community. Marcus & Millichap division Institutional Property Advisors facilitated the sale.

Located at 4040 W. Peoria Ave. on 9 acres, Villas Los Limones is near Interstate 17, with Banner Thunderbird Medical Center and HonorHealth John C. Lincoln Medical Center within 5 miles of the property. Several dining, entertainment and retail options are also nearby, including Peoria Plaza, Ross Plaza and Sky Trampoline Park. Phoenix Mountains Preserve, North Mountain Park and Sahuaro Ranch Park are some of the green areas in the proximity.

Completed in 1983, Villas Los Limones—previously known as Westcreek—encompasses 18 two-story buildings with one- and two-bedroom units ranging from 531 square feet to 900 square feet, according to the same data provider. Community amenities include a swimming pool, a clubhouse, a spa, a playground, a volleyball court and two laundry facilities.

IPA Executive Managing Director Cliff David said in prepared remarks that about 40 percent of the units were recently renovated, with updates including new plumbing fixtures, new paint and smart technology door locks and thermostats.

David, Senior Vice Presidents Clint Wadlund and Hamid Panahi, along with Executive Managing Director Steve Gebing, acted on behalf of the seller and also procured the buyer. Earlier this month, Gebing and David also brokered the sale of a 150-unit community in Tempe, Ariz.