The seller of the six-acre asset was B. Park Apartments Inc.-Chicanos Por La Causa. "They had a lot of equity in the property," Rich Butler of Marcus & Millichap tells GlobeSt.com. "I don't think there wasn't anything they didn't touch in the last 10 years."
Butler represented the seller and Marcus & Millichap's Mike McClain represented the buyer. An acquisition loan of more than $5 million was arranged through La Jolla Bank.
Built in 1984, the gated, garden-style complex is located at 5830 N. 67th Ave. in a submarket that boasts a 95% occupancy rate. The 15 two-story buildings contain 104 one-bedroom units with 700 sf; 20 deluxe one-bedroom units, 890 sf; and 48 two-bedroom units, 915 sf. The amenities include two pools, a spa, dedicated leasing office, covered parking and washer-dryer hookups in all units.
The purchase marks a significant new expansion effort for RonCo Bethany, says Butler, which before now has operated only in the Tucson area. "One of the reasons the buyer liked the property is that within two miles are the brand-new sports facilities for the Cardinals and the Coyotes," Butler says. "That's bringing a lot of interest to this area."
Since its inception in 1969, Chicanos Por La Causa has become one of the largest community development corporations in the country. It currently owns and manages about 2,000 units in Maricopa County. Its housing business includes property management, client counseling, and single-family, multifamily, senior and self-help housing.
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