Evergreen Development Sells Phoenix Asset for $89M

Institutional Property Advisors represented the seller of the 275-unit property.
Parc Roundtree Ranch. Image courtesy of Institutional Property Advisors

Evergreen Development Co. has sold Parc Roundtree Ranch in Peoria, Ariz. The 275-unit asset was purchased by Bridge Investment Group for $88.8 million or $322,909 per unit. Institutional Property Advisors represented the seller and procured buyer.

The community is located at 9201 N. 83rd Ave., within the Sun City-Youngtown-Peoria submarket. Parc Roundtree consists of 14 two- and three-story buildings and occupies 10.9 acres.

The apartments sit northwest of downtown Phoenix and less than 4 miles from the Westgate Entertainment District, the West Valley’s major shopping, dining and entertainment area.

Parc Roundtree is less than 1 mile from U.S. Route 60, providing easy access to the Southwest Valley industrial, midtown and downtown Phoenix employment hubs.

Floorplans range from one- to three-bedroom layouts and the average unit size is 929 square feet. Units feature 9-foot or taller ceilings and private balconies/patios.

Property amenities include a resort-style swimming pool and spa, open-air eating areas with barbecue grilling stations, a fitness center, a clubhouse, a dog park, a pet wash room and Amazon parcel lockers.

The IPA team arranging the sale included Steve Gebing and Cliff David. Earlier this month, IPA facilitated another transaction in the Western U.S. in which Bridge Investment Group acquired the 348-unit Broadmoor Village in Salt Lake City.