Suburban Phoenix Apartments Sell for $27M

Citibank provided the buyer of the 144-unit Class A multifamily asset with nearly $19 million in acquisition financing.
Del Mar Apartments. Image courtesy of Storm Properties

Storm Properties has acquired Del Mar Apartments in Phoenix from RK Properties. The 144-unit, Class A community traded for $27 million, according to Yardi Matrix. The buyer financed the acquisition with an $18.7 million loan from Citibank. The asset last changed hands in 2013, when Management Support sold it for $14.4 million.

Del Mar is located at 8550 W. McDowell Road on 8 acres. The property’s nine two-story buildings opened their doors in 2008. The unit mix has one-, two- and three-bedroom floorplans. Amenities include a clubhouse, spa, pool, gym and business center. The new owner plans to begin capital improvements at the community and has enlisted Pinnacle to oversee the asset’s operations.

The property is half a mile from Interstate 10 and less than 2 miles from State Route 101. The community is 12 miles west of downtown Phoenix in the metro’s western suburbs. Several dining and shopping options, including Macerich’s 746,000-square-foot Desert Sky Mall, are located within 2 miles of Del Mar.

In January, RK Properties sold another Phoenix asset. The 160-unit Class A community traded for more than $36 million.