Roxborough Group, SB Real Estate Expand in West Phoenix
- Jul 23, 2019
A joint venture between an affiliate of The Roxborough Group and SB Real Estate Partners has acquired Sonoma Sol in West Phoenix, for $32.3 million. Mentor Properties sold the asset and, according to Yardi Matrix, the deal was subject to a $23.4 million Freddie Mac loan, due 2026.
The new owners rebranded the property as Cordova Apartments. The community is located at 6231 W. McDowell Road, adjacent to Interstate 10. The 16-building property comprises 72 one-bedroom and 248 two-bedroom units, ranging from 626 to 838 square feet. Common area amenities include a fitness center, resident clubhouse, swimming pools and outdoor play areas. According to Yardi Matrix, monthly rent averages $882 as of June.
Cordova Apartments is situated approximately 1 mile away from the upcoming Loop 202 South Mountain Expansion, which will see the addition of 22 miles of freeway to the existing infrastructure. The nearby area includes several restaurants, retailers and hotels along McDowell Road.
The new owners are planning to implement a full repositioning and renovation strategy at Cordova Apartments, which will include an amenity package overhaul, along with interior upgrades. Matt McCormick, managing director of The Roxborough Group, notes that the nearby area is poised for job and rent growth, due to the increased connectivity that the $1.7 billion Loop 202 extension will bring.
Institutional Property Advisors’ Senior Managing Directors Cliff David and Steve Gebing, who recently arranged the $27 million sale of a senior housing community in Phoenix, represented Mentor Properties in the current transaction.