Sunroad Enterprises Sells Phoenix Community for $47M
FirstBank provided a $30.7 million loan for the acquisition of the 163-unit property in Peoria.
Stadium Vue Townhomes. Image courtesy of CBRE
Sunroad Enterprises has finalized the $47.3 million disposition of Stadium Vue Townhomes, a 163-unit community in Peoria, Ariz. The buyer, a Colorado-based private investor, received a $30.7 million acquisition loan from FirstBank, Yardi Matrix data shows. The note carries a 3 percent fixed interest rate over a seven-year term.
The Class A asset last changed hands in July 2019, when PrivatePortfolio Group sold it for $34.6 million. Sunroad Enterprises financed that acquisition with a $31 million mortgage from LoanCore Capital, according to the same data provider.
Located on 7 acres at 7677 W. Paradise Lane, the 14-building community was delivered in 2007 and upgraded by Sunroad Enterprises. The unit mix features one- to three-bedroom floorplans ranging between 840 and 1,517 square feet. Amenities include a modern fitness studio, resort-style pool, business center, clubhouse, parcel lockers and an orange grove.
Stadium Vue Townhomes is located a short distance from Arrowhead Towne Center, a 1.2 million-square-foot shopping mall, and 17 miles northwest of downtown Phoenix. The CBRE team representing the seller included Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch.
Last November, Sunroad Enterprises paid $84 million for Pillar at Taviano, a 346-unit community in Chandler, Ariz. Prime Finance Partners originated a $73.3 million loan for the purchase.
