Valley of Value-Added Opportunities Strikes Again
- Aug 14, 2015
A California-based investor has dipped its toe in the Valley for the first time with the acquisition of Palm Valley Apartments in Goodyear. The $27.2 million deal was announced by brokerage and advisory services firm ABI Multifamily.
The community located at 1891 North Litchfield Road is minutes away from major West Valley transportation corridors and from the renowned Palm Valley Golf Club. The property features one-, two- and three-bedroom apartments and also includes a fitness center, a clubhouse, two swimming pools, two spas and 454 parking spaces.
JB Partners Group acquired the asset from Indianapolis, IN-based Pedcor Cos.. The ABI Multifamily team of Rue Bax, Alon Shnitzer, John Kobierowski, Doug Lazovick and Eddie Chang negotiated the sale.
“The Phoenix metro has seen tremendous investment activity in and around urban core districts which has resulted in tremendous increases in price and price/unit sales. The buyer, a private equity fund based in California, wanted to find a stable, high quality asset to purchase and reposition, and in an area outside of urban core districts where they could maximize value,” Rue Bax, senior managing partner at ABI, said in a prepared statement.
Image courtesy of Yardi Matrix