SoCal Investor Snaps Up Value-Add Phoenix Apartments
MIG Real Estate has acquired the 1999-built Bayside Apartments, a 176-unit community that includes 22 two-story buildings.
By D.C. Stribling, Contributing Editor
MIG Real Estate has acquired Bayside Apartments, a 176-unit property in Phoenix. The community is at 20245 N. 32nd Dr. in the Deer Valley submarket of North Phoenix, just north of the Loop 101 and west of I-17.
Originally developed in 1999, Bayside Apartments is on a 7.8-acre suburban site. The property is a garden-style gated community comprised of 22 two-story buildings, offering 64 one-bedroom and 112 two-bedroom units.
The units feature nine-foot ceiling heights, walk-in closets, private balconies and patios, dishwashers and full-sized washer and dryer units. Common amenities include an outdoor resort-style swimming pool, spa, and covered picnic areas with barbeque grills. Complimentary Wi-Fi is in the office and pool lounge areas.
Value-Add Opportunity
According to the Newport Beach, Calif.-based buyer, the community presents a value-add opportunity. MIG plans to upgrade unit interiors and common amenities. Among other enhancements, the property will become pet friendly by adding a dog park to appeal to the growing number of residents with pets.
Mark Forrester, Ric Holway, Dan Cheyne and Jackson Cloak of Berkadia represented the seller in the deal. MIG is currently engaged in an aggressive expansion mode, seeking core-plus, value-add and opportunistic investments in select-service hotels, grocery-anchored shopping centers, office, industrial and multifamily properties.
