JV Pays $47M for North Phoenix Apartments

A partnership between RedHill Realty Investors and Shelter Asset Management secured a $28 million Fannie Mae loan for the purchase.
The Grove Deer Valley. Image courtesy of Institutional Property Advisors

A partnership between RedHill Realty Investors and Shelter Asset Management has sold The Grove Deer Valley, a 208-unit community in Phoenix. The buyer, a joint venture between Shefflin Investments and Western Investment Partners, purchased the property for $46.8 million, Yardi Matrix shows. CBRE Capital Markets originated a nearly $28 million Fannie Mae loan for the acquisition.

Completed in 1996, the nine-building community occupies a 9-acre parcel at 15645 N. 35th Ave. The sellers bought the asset from Stratford Partners for $25 million in December 2017. Newmark originated a $16.2 million Fannie Mae loan for that purchase.

Apartment floorplans include one- to three-bedroom units with sizes from 615 to 1,189 square feet. The amenity package features a fitness studio, spa, swimming pool and clubhouse. Situated in the Deer Valley region, the property is within 2 miles of Interstate 17 and roughly 17 miles north of downtown Phoenix.

The Institutional Property Advisors team that assisted the seller and sourced the buyer included Executive Managing Director Cliff David and Steve Gebing. Last December, the duo, along with colleague Hamid Panahi, facilitated the $90 million portfolio sale of two communities encompassing 560 units in Tucson, Ariz. Bridge Investment Group purchased the assets from Bascom Arizona Ventures.