Benjamin Sherman & Sons purchased the Rio Santa Fe Apartments, a 336-unit complex at 13015 W. Rio Santa Fe Blvd. in Avondale. The complex was developed last year by San Diego-based Fairfield, which was the seller.
The sale equates to a price of more than $71,700 per unit, the highest price per unit ever paid for any apartment project in the West Valley.
Avondale and other West Valley cities are poised to take much of the growth expected to continue in Phoenix in the coming years. With some East Valley cities approaching build-out and land prices escalating in that popular area, home builders and apartment developers are moving to the West Valley, where affordable land is still available and municipalities are eager for new construction.
Avondale is about 20 miles west of Phoenix and has about 20,000 residents.
The Phoenix office of Hendricks & Partners negotiated the transaction.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
