A joint venture of San Francisco-based Stockbridge Capital Group and Alliance Residential Co. of Phoenix has acquired The Canyons, a 629-unit apartment community in Northwest Phoenix, for $50 million. Continental Realty Advisors, the seller, purchased the property for $45.5 million in 2010, Business Real Estate Weekly reported.
“We see Northwest Phoenix as an area of focus of this continued growth for the next several years,” said Matthew McCormick, vice president of acquisitions for Stockbridge. According to BREW, this is Alliance’s first acquisition of an existing project in the Phoenix market in almost six years. The buyer is looking to purchase other local multi-family assets and land for apartment development.
At the time of the sale the property was 88% leased. Transwestern’s Phoenix office arranged the transaction.
The Canyons was built in two phases in 2004 and 2005. It offers Class A amenities including a clubhouse, resort-style pools, spas, fitness center, business center, BBQ area and Internet café. Monthly rents range from $571 for a studio to $1010 for a four-bedroom unit, according to Trulia.
Photo courtesy of Stockbridge Capital Group
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