Phoenix Community Sells for $20M

Sterling Real Estate Partners more than doubled its footprint with the purchase of the 301-unit property. The Bancorp Bank provided acquisition financing.
Villas De Azul Apartments. Image courtesy of Yardi Matrix

Jevan Capital sold Villas De Azul Apartments, a 301-unit Class C community in Phoenix, to Sterling Real Estate Partners for $20.3 million, according to Yardi Matrix. With the deal, Sterling now owns 587 units in the city. The Bancorp Bank funded the acquisition, providing an $18.2 million mortgage to the buyer. 

The seller had purchased the multifamily asset in June 2017 for $12.7 from Denver-based Community Enhancement Group. Jevan owns several communities throughout Phoenix, including The Halifax, which it acquired for $15 million in 2018.

Located at 2627 N. 45th Ave. in Phoenix’s Maryville submarket, Villas De Azul is approximately 6 miles northwest of the city center. Downtown is accessible via nearby public transportation routes as well as Papago Freeway, 1 mile to the south. A number of shopping and dining options are in close proximity to the asset, as is a local park.

The 36-building community contains a mix of one- to three-bedroom apartments and townhomes, with floorplans between 590 and 1,096 square feet. Property amenities include three swimming pools, a clubhouse, a volleyball court and a basketball court. Per Yardi Matrix data, the asset was 74.1 percent occupied as of April.