Phoenix Community Changes Hands for $57M
- Jul 10, 2019
InterCapital Partners has purchased both phases of Solano Ridge, a 561-unit multifamily community in Phoenix, for $56.7 million. The seller was 3rd Ave Investments, which acquired the asset in December 2016 for approximately $36 million. Trevor Koskovich, Bill Hahn, and Jesse Hudson of NorthMarq Phoenix represented both the buyer and the seller in the deal.
Located at 8135 North 35th Ave., the community consists of Solano Ridge I, with 275 units, and Solano Ridge II, with 286 units. Both phases were built in 1982 and the community is about 94 percent occupied, according to Yardi Matrix data. Units range in size from studio to two-bedroom layouts. Amenities include three swimming pools, a dog park and outdoor living spaces. The property is nearby a cluster of retail outlets north of downtown, with quick access to Interstate 17.
The seller invested $2.5 million into the property over the last 30 months to upgrade the apartments, clubhouse and common areas. NorthMarq Phoenix noted in a statement that there is upside for new investors to renovate the interiors and install in-unit washer/dryers.
3rd Ave Investments targets poorly managed, undervalued and off-market assets with value-add opportunity in Arizona. The real estate investment and management firm picked up a 308-unit community at 17625 N. Seventh St. in Phoenix, last December. Built in 1984, Breckenridge Apartments changed hands for $32.8 million.