Baron Properties, Buchanan Street Sell $44M Phoenix Community
- May 04, 2018
A joint venture of Baron Properties and Buchanan Street Partners has sold Vue Park West, a community in Peoria, Ariz., for $43.6 million. Institutional Property Advisors brokered the transaction.
Vue Park West is located at 9680 W. Northern Ave. and totals 260 units. The floorplan mix consists of 42 studios, 84 one-bedroom, 119 two-bedroom and 15 three-bedroom apartments, which range in size from 600 to 1,428 square feet. Common-area amenities include a fitness center, a business center, a clubhouse, a playground, a swimming pool, a spa and 455 parking spaces. The property is situated within the 250,000-square-foot Park West mixed-use development, which comprises more than 20 retailers, several restaurants and a movie theater.
Baron Properties acquired the Phoenix multifamily asset in 2014 for $30 million from Wood Partners, according to data provided by Yardi Matrix. In 2015, the property received a $30 million permanent refinancing loan, provided by Fannie Mae.
The property has exposure along Northern Avenue and is adjacent to Loop 101. Interstate 10 and the Agua Fria Freeway are within short distance as well. Residents are within short distance from major employers, such as Conair Corp., Humana Pharmacy Solutions, Bechtel Corp., Luke Air Force Base and others.
“Through its location within Park West, Vue Park West provides residents with walkable access to all benefits of a true live, work and play experience. The acquisition gives new ownership the opportunity to enhance value by implementing apartment interior renovations to complement recent improvements made to the exterior and common areas,” said Steve Gebing, senior managing director at IPA, in a prepared statement.
Gebing, together with Cliff David, senior managing director, represented the joint venture in the transaction and procured the buyer.
Image courtesy of Yardi Matrix