Sorrento Apartments Sold by Hamilton Zanze to First-Time Investor
- Mar 14, 2016
Phoenix– Sorrento Apartments is the latest multifamily property to trade hands in Greater Phoenix. The Mesa residential community was acquired by Silverstone Moreno, an LLC controlled by William C. Fanning Jr. This is the buyer’s first foray into the local multifamily market.
Colliers International arranged the $18 million deal on behalf of seller Hamilton Zanze. The team was led by Senior Executive Vice President Cindy Cooke, and Senior Vice President Brad Cooke, who also handled the deal on behalf of Sorrento back in 2010, when Hamilton Zanze purchased the asset. Acquisition financing was provided through a $13.5 million Fannie Mae loan.
Located at 901 S. Dobson Road in Mesa, the 226-unit Class B property offers 168,324 net rentable square feet, and comprises 14 garden-style, two-story buildings situated on an 8.8-acre lot. The unit mix consists of 18 studios, 98 one- and 110 two-bedroom apartments with an average size of 745 square feet. Completed in 1983, the asset underwent significant upgrades to its exteriors and interiors in 2009 and 2013.
According to real estate data collected by Yardi Matrix, the multifamily asset is operating at an occupancy rate of around 95 percent. That same source puts the average rent at around $786. Resident amenities include a 24-hour fitness center, two pools, picnic area and BBQs, clubhouse, covered playground, laundry, and extra storage.
Image courtesy of Yardi Matrix