Phoenix Value-Add Asset Commands $9M
- Apr 08, 2019
Urban Communities LLC, an entity controlled by Thomas Pride International, has acquired Puesta Del Sol, a 128-unit community in Phoenix. Familia de Tres LLC sold the Class C asset for $8.7 million, after a 3-year ownership period. Kidder Mathews represented both parties in the transaction. According to Yardi Matrix, the sale was subject to a $6.7 million Freddie Mac loan, originated by Sabal Financial Group.
Puesta Del Sol is located at 8818 S. Central Ave., in Phoenix’s South Mountain Village. The community comprises 10 studios, 104 one-bedroom and 10 two-bedroom units, ranging from 325 to 700 square feet. The property also includes two vacant land parcels, which total 60,636 square feet. Puesta Del Sol includes common-area amenities such as a volleyball court, a playground, two swimming pools, two laundry facilities and 140 parking spaces. According to data provided by Yardi Matrix, monthly rates at Puesta Del Sol average $657, while occupancy was at 96 percent as of February.
The community sits near the future route of the South-Central Avenue light rail, a planned expansion tying downtown Phoenix to South Mountain Village. The South Mountain State Park, the country’s largest municipal park (16,000 acres), is roughly 1 mile away.
Urban Communities appointed Shelton Cook Property Management to manage the community. The two companies plan to execute an upgrade program at Puesta Del Sol. The current value-add sale follows a similar investment made last year—the $5.5 million acquisition of Phoenician Villa Apartments by Thomas Pride International and Ecohaus Real Estate.