AZ Asset Changes Hands for $23M
- Aug 30, 2018
Montreal-based Sheiner Group has added to its Arizona holdings with the acquisition of Wilshire Pines, a 173-unit multifamily asset in Tempe from Tonti Properties for nearly $23 million.
Steven Gebing and Cliff David, both senior managing directors with Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and acquired the buyer.
“Wilshire Pines’ South Tempe location positions residents within a two-mile radius of more than 2.5 million square feet of retail and dining options,” Gebing said in a prepared statement. “The average single-family home price within a mile is $289,300, which is 14 percent higher than the Phoenix-area average. The property has received exterior upgrades and is a prime candidate for the implementation of a common area amenity and apartment interior renovation program.”
Wilshire Pines was built in 1979 and offers one- and two-bedroom floor plans. Amenities include two pools and spas with sundecks, barbeque areas and covered parking.
The property has 450 feet of visibility along Baseline Road in Tempe and is less than a mile from the Superstition Freeway, US. Route 60. Mill Towne Center, an 82,846-square-foot office and retail complex; College Park Shopping Center; The Collective and Arizona Mills Mall are nearby. Seven Southeast Valley commerce cores with a combined total of more than 85.6 million square feet of office, industrial and flex space and a workforce of nearly 225,000 employees are located within a five-mile radius of the community.
Sheiner, a privately held real estate investment firm established in 1976, owns multifamily properties and commercial real estate in the United States and Canada. The firm already has a large presence in Arizona with at least seven multifamily properties in Phoenix and others in Glendale and Mesa, acquired through its Living Well Funds. Sheiner has two Tempe apartment communities—the 112-unit Eden Apartments acquired through Living Well Fund II, and the 88-unit Southern Gardens Apartments acquired through Living Well Fund III, according to the company website.
Dallas-based Tonti also owns multifamily communities in Colorado, Florida, Louisiana, Mississippi and Texas. In February, Tonti sold Tribeca at Camp Spring, a 198-unit apartment community in Camp Springs, Md., to Spirit Bascom Ventures, a joint venture of Spirit Investment partners and The Bascom Group. The asset also had 18,800 square feet of ground-floor commercial space.
Elsewhere in Tempe, last week Priderock Capital Partners acquired a three-property multifamily portfolio from IMT Residential that included Rancho Murietta, a 292-unit community in Tempe, that changed hands for $55.3 million. The asset has 28 two- and three-story buildings with one-, two- and three-bedroom floor plans. The other properties in the $153.5 million portfolio sale were located in Mesa.