Umbrella Properties Snags $53M Phoenix Community

CBRE Multifamily Institutional Properties represented the seller, PrivatePortfolio Group, in its disposition of the 328-unit Aldea at Estrella Falls in Goodyear, Ariz.

Aldea at Estrella Falls
Aldea at Estrella Falls, Goodyear, Ariz.

Umbrella Properties has acquired Aldea at Estrella Falls, a Class A community in Phoenix‘s submarket of Goodyear, Ariz. The firm purchased the property from PrivatePortfolio Group for $53.1 million. CBRE Multifamily Institutional Properties represented the seller in the transaction. According to Yardi Matrix, the sale was subject to a $35.8 million Fannie Mae loan, arranged by Greystone. 

The community is located in the Palm Valley master-planned community at 2400 N. Bullard Ave., and was developed in 2008 by Trammell Crow Residential. Aldea at Estrella Falls offers one-, two- and three-bedroom floorplans ranging from 794 to 1,296 square feet. Interior features include wood vinyl plank floors, private balcony/patios with storage rooms, oversized walk-in closets, plush carpeting, granite countertops, full-size washer/dryers, faux stainless steel appliances, oversized dual-pane windows, nine-foot ceilings with fans, ceramic tile floors and Roman tubs in the master bath. Residents have access to amenities such as:

  • shaded poolside cabanas
  • water feature
  • optional detached garage
  • lush landscaping
  • barbecue grills
  • state-of-the-art fitness center
  • business center with Wi-Fi
  • clubhouse with full kitchen and TV
  • heated pool with whirlpool spa
  • 24-hour emergency maintenance 

CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch brokered the sale. The community offers close access to top-rated schools, parks, retail and dining, golf courses and recreation centers. 

“Aldea, developed by Trammel Crow, provided excellent floor plans and amenities containing many elements of today’s suburban home design,” Cunningham told Multi-Housing News. “Purchased by Pillar Communities in 2010, Aldea offered investors a well-maintained asset under Pillar’s ownership and provided the opportunity to upgrade unit interiors on a select basis. Additionally, the Goodyear submarket has seen little new construction this cycle and year-over-year rent increases have been some of the highest in the metropolitan Phoenix area.” 

Image courtesy of CBRE