Fowler Shore & Flanagan of Larkspur, CA sold the Windtree Village Apartments in Phoenix to Parry Holding Co. of Phoenix for about $2.6 million. Park Village in Mesa went for almost $3.8 million to Gregory Paielli, a local investor. Todd Braun with CB Richard Ellis Inc. in Phoenix tells GlobeSt.com that their locations along with their potential as investment properties helped seal the deals although both are older developments.
Windtree Village, located at 6041 W. Thomas Rd., is a 103-unit gated community composed largely of two-bedroom units built in 1982. The average monthly rent is $600 per unit.
Braun says the 86,190-sf complex had some initial maintenance and vacancy issues but buyer Mark Parry expects to invest about $300,000 in repairs to turn around the property. The two-story building currently is about 90% occupied, according to Braun.
Parry purchased the complex because of its proximity to other properties he currently owns. "He felt there would be some synergy there since he also manages other properties in that neighborhood," Braun says.
The 95,340 sf Park Village Apartments at 226 N. Hobson in Mesa were built in 1973 as one and two-bedroom units, each about 800 sf, with monthly rents averaging about $670. Paielli paid almost $3.8 million for the 118 apartments, which are about 88% occupied.
Braun, who negotiated the deals for all parties with co-broker Paul Gross, says between $100,000 and $150,000 in repairs are expected to be added to that property. The buildings' former owner recently sold several of properties in Phoenix.
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