South Phoenix Community Changes Hands for $12M
Cushman and Wakefield brokered the sale of La Reserve on 45th, a 301-unit property in the Maryvale neighborhood. A joint-venture purchased the asset from CEG Operating Partners.
By Laura Calugar
Jevan Capital PLLC and Comunidad Realty Partners acquired the 301-unit La Reserve on 45th apartment community in Phoenix for $12.4 million, or $42,332 per unit. The sale was subject to a $12 million loan, held by MidCap Financial. Brett Polachek of Cushman and Wakefield’s Phoenix office brokered the deal. According to Yardi Matrix data, the property last traded back in 2013, when Community Enhancement Group Operating Partners out of Colorado paid $7 million to purchase the asset from Liliana Stoianova.
La Reserve on 45th is located at 2627 N. 45th Ave., south of Thomas Road and west of 43rd Avenue in the Maryvale neighborhood of Phoenix, near schools, parks, shopping centers and emergency care. The community features 33 one-, 130 two- and 138 three-bedroom units, ranging from 600 square feet to 1,100 square feet. Amenities include a clubhouse, volleyball and basketball courts, three swimming pools and 472 parking spaces.
Jevan Capital and Comunidad plan to enhance the overall aesthetics of the property, as well as upgrade the units with new appliances, flooring and fixtures. Formerly known as Pine Ridge and Pine Village, the 36-building property was built in 1972.
This is Jevan and Comunidad’s third venture together.
Image courtesy of Yardi Matrix