Inland Real Estate Buys Phoenix Community for $56M
- Nov 12, 2019
NexMetro Communities has sold Avilla Victoria, a 225-unit multifamily asset in suburban Phoenix, for $55.5 million to Inland Real Estate Group, according to Yardi Matrix. The buyer closed on a 10-year, $30.4 million acquisition loan from Santander Bank.
The community is Inland’s second in the market. The investor paid $45 million for another of NexMetro’s assets—the 194-unit Avilla Grace—in July 2018. The firm is also active in the student housing sector. In October, Inland acquired an 890-bed portfolio in Raleigh, N.C., from The Preiss Co.
Avilla Victoria is located on 18.4 acres at 20450 E. Ocotillo Road in Queen Creek, Ariz., 35 miles southeast of downtown Phoenix. The property is on the southern edge of the 900,000-square-foot Queen Creek Marketplace retail center, 5 miles from Phoenix-Mesa Gateway Airport.
The community was built in 2017 and 2018 and have a mix of one-, two- and three-bedroom units. Amenities include private backyards, two swimming pools, covered parking and electric vehicle charging stations. In September, the property was 96 percent occupied.