Continental Realty Purchases Phoenix Apartments for $45.5M in Cash
- Jul 26, 2010
Phoenix–Continental Realty Advisors (CRA), a Denver based owner of multi-family housing properties nationwide, has acquired The Canyons Luxury Apartment Community in Phoenix for $45,500,000.
The property is located in north Phoenix at the intersection of Interstate 17 and the Loop 101 Freeway. The Canyons Apartment Community offers 629 apartment homes in two distinct communities, Bacara at The Canyons and Montelena at The Canyons.
“The Canyons is a quality addition to Continental’s CRA-B1 Investment Fund”, says David Snyder, chairman of CRA. “We are pleased to enter back into the Phoenix market after we sold our holdings there in early 2007.”
CRA is planning almost $2 million in renovations for the communities over the next 24 months in an effort to enhance the lifestyle of community residents. Jason Rosa, CRA’s director of research, adds, “Continental’s greatest asset in the current market is the ability to close on an all-cash basis within very quick time limitations. We anticipate significant activity, for this fund, over the next 18 months.”