Boston Capital Sells Phoenix Asset for $65M
- Jul 18, 2019
Eaton Vance Investment Managers has expanded its portfolio with the addition of the 408-unit Aventura in Avondale, Ariz. Boston Capital sold the gated community for $65.4 million. Yardi Matrix data shows that KeyBank originated a $45.8 million Fannie Mae acquisition loan for the new owner.
Located at 10350 W. McDowell Road, the asset is within walking distance of both the Gateway Pavilions and Gateway Crossing. Additionally, the property is situated less than a mile from Interstate 10 and roughly 13 miles from downtown Phoenix. According to Steve Gebing, senior managing director at Institutional Property Advisors, Aventura benefits from Southwest Valley’s growing workforce and the area’s almost 96 million square feet of office, industrial and flex space. According to a recent Yardi Matrix seasonal outlook, the metro’s office market is doing well, bolstered by high employment and increased tenant demand.
The community comprises one-, two- and three-bedroom apartments in 17 three-story buildings completed in 2000 on a 19.6-acre site. Amenities include two pools, a fitness center and a clubhouse. The common areas and interiors received major renovations since 2016. The property was 93.6 percent occupied as of June, per Yardi Matrix data.
Gebing and Cliff David, IPA senior managing director, worked on behalf of the seller and procured the buyer. At the beginning of the year, the brokerage company represented Eaton Vance Investment Managers in the acquisition of the 258-unit Monterra Apartments Homes in Phoenix.