Phoenix Luxury Rental Property Acquired by Aimco
- May 23, 2012
Phoenix—The Arizona portfolio of Apartment Investment and Management Company, better known as Aimco, has grown to 10 market-rate properties, with the company’s recent acquisition of the San Melia Apartments in Phoenix.
Denver-based Aimco purchased the 14-year-old, Class A apartment community from Investment Property Associates LLC for $68.8 million. The Cooke Team at Colliers International served as the transaction broker.
San Melia Apartments covers approximately 27.5 acres and includes 64 garden-style, two-story buildings featuring 488,104 rentable square feet and a mix of one-, two- and three-bedroom apartments ranging from 728 to 1,345 square feet.
Given the luxury offered by San Melia Apartments, and the appealing Phoenix submarket in which it is located, Aimco expects the community to be in demand, and anticipates reaping strong returns on its investment, company officials said.
“It is conveniently located in proximity to a host of services and employment centers, and the property’s high-end amenities create an exceptional living environment for our residents,” says John Bezzant, Aimco vice president of transactions. “With the new Aimco management team in place, residents can expect superior customer service, a well-maintained property, and the security and convenience of living in a professionally managed apartment community.”
Luxury features within apartment homes include full-size washers and dryers, gourmet kitchens, nine-foot-high ceilings, walk-in closets, ceramic tile flooring and private balconies and patios. Investment Property Associates began a unit renovation program last year, resulting in almost 70 of the apartment homes having been fully or partially upgraded at the time of the transaction.
Common areas feature a number of upscale amenities, among them a business center, resident lounge, resort-style heated swimming pool with sand beach, two spas, 24-hour state-of-the-art fitness center with cardio and weight equipment, two sand volleyball courts, basketball and tennis courts, barbecue areas, well-appointed cabanas, lighted bike and walking paths and garage/carport parking.
San Melia Apartments is located within walking distance of the Ahwatukee Foothills Towne Center, to which it is connected through a greenbelt walkway providing direct pedestrian access.
The community is just off Interstate 10, with access to Valley Metro public transportation. It is also just 10 miles from South Mountain Park/Preserve, a 16,000-acre park that is the largest municipal park in the country.
Summarizing the transaction, Colliers International Executive Vice President Cindy Cooke noted Aimco was eager to acquire one of Arizona’s top five properties, located in the coveted Ahwatukee Foothills submarket of Phoenix, where within three miles, the average household income tops $100,000. “The submarket also has one of the highest occupancy rates in the Valley,” she says.
The acquisition of San Melia Apartments by Aimco, one of the nation’s largest owners and operators of apartments, brings the company’s apartment holdings in Arizona to a total of 2,409 units.