By Tudor Scolca
Institutional Property Advisors brokered the sale of a 240-unit community in Phoenix. The asset was sold by Kunz Investments to Caspian Properties, according to Yardi Matrix, and the transaction was subject to a $30 million loan originated and held by Hunt Mortgage Group. The property traded for $40.4 million.
Mountain Park is located in Phoenix’s Ahwatukee Foothills Village, at 4221 E. Ray Road. It comprises 72 one-bedroom, 118 two-bedroom and 50 three-bedroom units, with floor plans ranging from 730 to 1,200 square feet. Common-area amenities include controlled access, a fitness center, clubhouse, two swimming pools, a spa and monitored security. According to Yardi Matrix, the average monthly rent is $1,107 and occupancy is at 96 percent.
Recreation and job opportunities
Residents of the Phoenix apartment community benefit from easy access to a plethora of dining and shopping options at Ahwatukee Foothills Towne Center and The Shoppes at Casa Paloma, which are a little more than a mile away. The many trails of the 16,000-acre South Mountain Park are easily reachable from the property. Interstate 10, Route 60, Loop 101 and Loop 202 are all within a 15-minute drive. The West Chandler employment corridor offers residents opportunities in many industries, such as aerospace, distribution, business, customer care operations and electronics.
“Mountain Park’s Ahwatukee Foothills urban village location gives the property a rare and desirable buffer against future multifamily development. The surrounding area has proven to be one of the highest barrier to entry submarkets in Arizona,” said Steve Gebing, senior managing director at IPA, in a prepared statement.
Image courtesy of Institutional Property Advisors