Phoenix Community Trades for $32M
- Feb 04, 2019
Laguna Point Properties has sold Sanctuary on 22nd, a 266-unit community in Phoenix’s Metrocenter submarket. A private investor acquired the asset for $31.8 million. The transaction was subject to a $18.2 million Fannie Mae loan, arranged by Berkadia, according to Yardi Matrix.
Sanctuary on 22nd is located at 8530 N. 22nd Ave. The community comprises 152 one-bedroom and 114 two-bedroom units, averaging 788 square feet in size. Common-area amenities include a fitness center, a business center, a clubhouse, two swimming pools, a spa and 394 parking spaces. The 1985-built property was 92 percent occupied as of December, according to Yardi Matrix, while monthly rents average $961.
The community is situated near the intersection of 19th Avenue and West Northern Avenue, which features several retailers and restaurants. The Metrocenter mall, with more than 100 retailers, is just under 2 miles away.
“Sanctuary on 22nd is a significant value-add opportunity in an area with high demand and minimal new multifamily construction. That, combined with its proximity to Interstate 17 and light rail, make Sanctuary on 22nd a very well-positioned asset in one of the healthiest local apartment markets in the country,” said Charles Steele, managing director for JLL’s Capital Markets, in a prepared statement.
Steele, along with Managing Director John Cunningham, brokered the sale on behalf of Laguna Point Properties. The duo also facilitated the $59.3 million sale of Montecito Pointe, in Northwest Las Vegas.
Image courtesy of JLL Capital Markets