Goodman Real Estate Expands in Phoenix With 216-Unit Acquisition
- May 15, 2019
Goodman Real Estate has expanded its Phoenix multifamily portfolio with the acquisition of Modern on Peoria, a 216-unit community located in the suburb of Peoria. A joint venture of Modern Residential Co. and Henley USA sold the asset for $26 million. Institutional Property Advisors represented the joint venture seller and procured the buyer.
Modern on Peoria is located at 8650 W. Peoria Ave., minutes away from U.S. Route 60/Phoenix-Wickenburg Highway and the Peoria Town Center shopping mall. Several other shopping destinations are located within a 1-mile radius, as are elementary schools, parks and restaurants. The P83 and Westgate entertainment districts are about 3 miles from the property, while Banner Boswell Medical Center is roughly 4 miles away.
The 24-building community located on roughly 9.3 acres opened its doors in 1984. Modern on Peoria comprises 144 one-bedroom and 72 two-bedroom units ranging from 706 to 968 square feet. The seller began executing a renovation plan which includes indoor upgrades and upgrades to the amenity package.
The property is a good value-add alternative to other, newly constructed multifamily properties, according to Cliff David, senior managing director at IPA. Furthermore, Modern on Peoria is in an Opportunity Zone, allowing for potential tax breaks for the investor.
Recently, Goodman Real Estate sold Altia, a 230-unit community in the Seattle suburb of Lynnwood, Wash., for $58 million. FSC Realty was the buyer of the 2014-built community.