Lee & Associates Closes $7M Sale in Phoenix

Two apartment communities located in northern Phoenix traded among private investors. The properties comprise 44 units.

Bell Villas Apartments
Bell Villas Apartments, Phoenix

Two Phoenix apartment communities changed hands for a total of $6.8 million, in deals arranged by The Braun Apartment Group of Lee & Associates Arizona. Private investors Brandon and Darrin Nunns were the sellers in both transactions and entities formed by investor Richard Trull purchased both properties.

Bell Villas is a 28-unit community located at 17402 N. 19th Ave., in northern Phoenix. The property traded for $4.4 million. It comprises 14 two-bedroom units and 14 three-bedroom units. Residents have access to dining and shopping options available a few minutes away at Deer Valley Plaza, near the intersection of 19th Avenue and West Bell Road. Central City Phoenix can be reached in 25 minutes. Interstate 17 and Loop 101 are 10 minutes from the property.

Siesta 16 Apartments
Siesta 16 Apartments

The second property, Siesta 16 Apartments, sold for $2.4 million. The 16-unit community is located at 2525 E. Siesta Lane. Multiple schools are located nearby, including Paradise Valley Community College, Sunset Canyon Elementary and Vista Verde Middle School. It is a five-minute drive to the Cave Creek Marketplace near Loop 101, which offers multiple shopping and dining options.

Todd Braun, Ryan Boyle and Bryson Frickle of The Braun Apartment Group represented both parties. The team also recently brokered a value-add transaction in the Phoenix area, valued at $21 million.

Image courtesy of Lee & Associates