RedHill Realty Acquires Phoenix Asset for $25M
- Dec 15, 2017
RedHill Realty Investors has acquired The Grove Deer Valley, a 208-unit apartment community in North Phoenix. Stratford Partners sold the asset for $25 million and was represented by Institutional Property Advisors, a division of Marcus & Millichap.
The Grove Deer Valley comprises 96 one-bedroom, 104 two-bedroom and eight three-bedroom units, ranging in size from 677 to 1,189 square feet. Common area amenities include a fitness center, a swimming pool, a fire pit with outdoor lounge, a business center and a clubhouse. Many of them were recently renovated by the previous owner. According to Yardi Matrix, occupancy was at 96 percent at the time of sale, with an average monthly rent at $942.
Located at 15645 N. 35th Ave., the Phoenix apartment community is close to multiple shopping, dining and employment options. The Deer Valley corridor totals approximately 38 million square feet of office, industrial and flex space, according to IPA. Deer Valley Towne Center is a 459,967-square-foot shopping center located nearby, near Interstate 17 and Loop 101. The property is close to multiple schools, including Arizona State University West Campus.
“New ownership has a great opportunity to enhance the value of this asset by continuing the unit interior renovation program and repositioning the remaining apartments to compliment the recently upgraded leasing office, clubhouse and fitness center,” said Steve Gebing, executive managing director at IPA, in a prepared statement.
Gebing and Cliff David, senior managing director of investments at Marcus & Millichap, represented the seller and procured the buyer.
Image courtesy of Yardi Matrix