Phoenix Asset Sells for $49M
- Sep 25, 2018
Knightvest Acquisitions LLC has acquired Siena on Baseline Apartments, a 352-unit apartment community in Phoenix from P.B. Bell Cos. for $49 million.
Colliers International in Greater Phoenix represented the seller in the deal, while the buyer was self-represented.
“The close proximity to major employment hubs made Siena on Baseline very attractive,” Brad Cooke, Colliers International’s senior vice president in Greater Phoenix, told MHN. “The property was well maintained by the previous owner letting the new owner focus on their renovation plans without having to worry about deferred maintenance.”
Located at 4520 E. Baseline Road, the property consists of 22 buildings on 13.9 acres.
The community was built in 1986 and offers one-, two- and three-bedroom units with 1,070 square foot floorplans. Amenities include a resident clubhouse with a kitchen and TVs; a new fitness center; a game room with shuffleboard, foosball and billiards; three swimming pools; a community playground and a pet park. Covered parking is also available.
“The buyer is going to renovate the common areas to help enhance the appeal and functionality of the property,” Cooke said. “They are also going to continue the current interior renovations the previous owner started plus take some of the units to an even higher renovation scope.”
Siena on Baseline is centered between Downtown Tempe, Ahwatukee, Chandler, Mesa Fiesta District and Downtown Phoenix high employment areas. According to Cooke, the SE Valley has experienced tremendous growth and is one of the most desirable areas in Metro Phoenix to live and work.
“Phoenix is posting some of the strongest rent growth in the country,” Cooke said. “This has attracted the attention of many national and international buyers that are trying to find a home for their capital.”
Some of the major employment hubs nearby include the Sky Harbor Airport, I-10 Employment Corridor, 101 High Tech Corridor, Honeywell, Insight and EBay.
The property is less than five minutes to I-10 with immediate connections to US-60, Loop-101 and Loop-202 providing quick access to Metro Phoenix.
“Real estate developers have started to target the intersection of Tempe and Phoenix for new projects. Here they can attract a strong tenant demographic due to the strength of the surrounding submarkets,” Cooke said. “The multifamily market surrounding the intersection of Tempe and Phoenix is perfectly positioned to offer a more ‘affordable’ option. This unique positioning has led to steady year-over-year rent growth and minimal vacancy.”
In January, Knightvest Capital acquired Red Mountain Villas, a 768-unit apartment community also in Phoenix, from Weidner Apartment Homes for $110 million.