LivCor Pays $43M for Phoenix Asset

The buyer of the 240-unit property assumed the remaining balance of a $20 million financing package taken by the seller in mid-2016.
Solis at Towne Center

In a $43 million deal, the P.B. Bell Cos. has sold Solis at Towne Center, a 240-unit Class A community near Phoenix, according to Yardi Matrix. LivCor, the buyer, assumed the outstanding balance of a $20.2 million loan from Allstate taken by the seller in 2016. The mortgage matures in August 2026.

Located at 17600 N. 79th Ave. in Glendale, Ariz., the garden-style community’s 16 buildings are just east of the Agua Fria Freeway, 18 miles northwest of downtown Phoenix. The asset is in a major retail hub, opposite the 1.2 million-square-foot Arrowhead Towne Center and numerous big-box stores. Approximately 8 miles south of Solis, a 344-unit multifamily asset changed hands for $78.5 million in September.

Solis at Towne Center has one- and two-bedroom apartments, with unit floorplans ranging from 660 to 1,100 square feet. Community amenities include a 24-hour fitness center, a dog park, package delivery lockers and a swimming pool. Yardi Matrix shows the property was 96.7 percent occupied in September.