Partially Affordable Community Trades in Phoenix
- Mar 15, 2019
Aspen Square Management has acquired Riverwood Apartments, in Buckeye, Ariz., for $10.9 million. An entity formed by Walling Development sold the community. A NorthMarq team represented both parties in the transaction. According to Yardi Matrix, the sale was subject to a self-financed loan, valued at $13.8 million.
NorthMarq’s President of investment sales, Trevor Koskovich, together with Executive Vice President Bill Hahn and Vice President Jesse Hudson, arranged the sale of Riverwood Apartments. In December 2018, the team arranged the $33 million sale of Breckenridge Apartments, also in Phoenix.
The 136-unit Riverwood Apartments is located at 25157 W. Beloat Road, on the northern bank of the Gila River and roughly 36 miles from downtown Phoenix. The property was completed in 2001 under Section 42 LIHTC provisions and is partially affordable. Riverwood Apartments’ 10 buildings comprise 56 two-bedroom and 80 three-bedroom units, ranging from 905 to 1,050 square feet. Apartments feature above-standard ceiling heights, washers, dryers and microwave ovens. Common-area amenities include a fitness center, business center, clubhouse, basketball court, playground, swimming pool and spa. Residents also have access to 272 parking spaces.
The community is near the Interstate 10 corridor, which features large employers such as Banner Health, Luke Air Force Base, Amazon, APS, PetSmart and Shamrock Foods. A Walmart Supercenter is nearby, while downtown Goodyear is roughly 16 miles away.
“Riverwood was a unique opportunity for the buyer to acquire a partially affordable, rent-restricted asset that has reached its compliance period. The property has significant operational upside by removing the rent restrictions through the Arizona Department of Housing, allowing the new owners to raise rents to market or renovate the property to push value further,” said Koskovich in a prepared statement.
Image courtesy of Yardi Matrix