AZ Asset Trades for $20M
- Mar 20, 2018
A partnership formed by Paul Ash Management Co. has sold a 312-unit community in Yuma, Ariz. ABI Multifamily brokered the $19.5 million transaction of Rio Santa Fe Apartments, the second-largest property in Yuma by number of units. The buyer is an Arizona-based private investor.
Rio Santa Fe Apartments features a wooden frame and stucco construction completed in 1990. The community is located at 1600 W. 12th St., within walking distance of several schools and a few minutes’ drive from Yuma Palms shopping mall, several banks, restaurants and the Interstate 8 – Route 95 interchange.
The community comprises 64 one-bedroom, 108 two-bedroom and 140 three-bedroom units, with a weighted average size of 898 square feet. All units are equipped with standard kitchen appliances and feature walk-in closets, 10-foot ceilings and air conditioning. Some of the apartments include washer and dryer connections, patios and breakfast bars. Common-area amenities include two swimming pools, a clubhouse with kitchen and a sport court.
Smart city dreams
Last year, Yuma City Council greenlit a pilot project developed by anyCOMM and Siemens which aims to transform the city. According to Yuma Sun, devices with Wi-Fi capabilities and 360-degree cameras are to be installed atop the city’s new LED streetlights. The devices will also be equipped with wireless sensors which can detect and identify sounds such as gunshots or car crashes. They are also 5G- and 6G-ready, in addition to providing city-wide Wi-Fi. The pilot program implemented by anyCOMM and Siemens is the first of this amplitude, second in size to the one implemented in San Jose by the same partnership.
“Essentially, Yuma allowed technology companies anyComm and Siemens to begin the installation of nodes on the top of every streetlight in the city to create community-wide high-speed broadband connectivity. The data received is then funneled and used for IoT type applications. This has the potential to be a major game-changer,” said Eddie Chang, partner at ABI, in a prepared statement.
Chang, along with Alon Shnitzer, Rue Bax, John Kobierowski and Doug Lazovick represented both parties in the transaction. The same team recently brokered the sale of a lender REO asset in Phoenix.
Image courtesy of ABI Multifamily