JV Sells Phoenix Community for $20M

JLL secured $15 million in Freddie Mac financing on behalf of the buyer, SB Real Estate Partners.
Verona Court. Image courtesy of Institutional Property Advisors

A partnership between Dalan Management and VM Management has sold Verona Court, a 141-unit community in Phoenix, for $20 million. According to Yardi Matrix, JLL secured a $15 million Freddie Mac loan on behalf of the buyer, SB Real Estate Partners.

Built in 1985, the property comprises one- and two-bedroom units averaging 785 square feet. Common-area amenities include two laundry facilities and two swimming pools. The asset also features 192 parking spaces.

Located on roughly 4 acres at 17646 N. Cave Creek Road, the six-building asset is 6 miles from Interstate 17. The surrounding area has several retail and dining options, including The Shops at Cave Creek, which is within 2 miles of the property. Major employers in the area include Discover Financial Services, Honeywell, Cox Communications and Blue Cross Blue Shield.

Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction. Executive Directors Cliff David and Steve Gebing represented the seller and procured the buyer. In March, the duo brokered the sale of a 348-unit community in Mesa, Ariz. The asset traded for $49.6 million.