Bridge Investment Group Sells Phoenix Community for $78M

Located 6 miles from the Cave Buttes Recreation Area, the 480-unit Monte Viejo traded in an all-cash deal and was almost fully occupied as of May.
Monte Viejo. Image via Google Street View

LivCor has acquired the 480-unit Monte Viejo property in Phoenix from Bridge Investment Group, according to Yardi Matrix information. The $77.5 million transaction was an all-cash deal. The asset last changed hands three years ago for $58.6 million.

Located at 2220 E. Beardsley Road, within a dense residential area, the property is close to several dining and retail options. Additionally, Monte Viejo is 4 miles away from the Desert Ridge master-planned community, 6 miles from the Cave Buttes Recreation Area and roughly 21 miles north of downtown Phoenix.

The gated community comprises a range of studio to four-bedroom apartments in 25 one- and three-story buildings completed in 2004 on a 10.4-acre site. In May, the asset was 99.8 percent occupied, per Yardi Matrix data. Common-area amenities include a 24-hour fitness center, two pools, a barbecue area and a pet park.

At the beginning of the year, Bridge Investment Group acquired another Phoenix community situated almost 34 miles from Monte Viejo. The 460-unit Laguna Village Apartment Homes traded for $70.3 million.