CVG Pays $38M for Phoenix Multifamily Property
- Apr 13, 2021
Rincon Partners has sold The Enclave at Paradise Valley in Phoenix for $37.6 million, according to Yardi Matrix data. CVG Properties re-acquired the 174-unit community, after selling it in 2019 for $24 million.
The new owner received a $24.4 million Freddie Mac acquisition loan from CBRE Capital Markets, which is set to mature in 2031.
Located at 4502 E. Paradise Village Parkway S., within a dense residential area, the property is adjacent to Paradise Valley Mall, roughly 15 miles from Phoenix Sky Harbor International Airport and a little less than 16 miles from the metro’s downtown. Additionally, the community is close to several retail and dining choices.
Completed in 1985 on a 4.7-acre site, The Enclave at Paradise Valley comprises one- and two-bedroom apartments across nine three-story buildings. Common-area amenities include a game room, pool, bike racks and spa/ hot tube.
Rincon Partners’ portfolio in the metro currently includes some 1,130 units across six communities. In August of last year, Rincon Partners sold Avenel on 16th for $25.9 million. The 200-unit garden-style property is located just north of Phoenix’s downtown and 6 miles from Phoenix Sky Harbor International Airport.