"It's got a convenient location to the employment centers as well as the Camelback Corridor," Dale Gruen, a portfolio manager with SSR, tells GlobeSt.com. SSR's strategy consists of renaming the property to "Reflections on Camelback" and participating in the multifamily recovery in the city that is expected over the next few years, according to Gruen. The company chose to arrange financing after closing on the purchase.
Occupancy at closing was 81%, nine points below the submarket average. Reflections includes 11 studio apartments, 210 one-bedroom units, 115 two-bedroom, two-bath units, 18 three-bedroom units and six two-bedroom, one-bath units. Units range from 800 sf to 1,600 sf. The average rent is $1.10 per sf.
Foster City, CA-based Legacy Partners acquired the 12-acre lot in 2000 for $6.5 million, opening the row house-style community a year later. Amenities include two-story clubhouse with private coffee bar, pool, business center, fitness center, courtyards and walking paths.
Legacy Partners was additionally responsible for constructing the 520-unit Legacy Park Apartments in North Phoenix in 1999, as well as the 150-unit the Legacy at Prescott Lakes. Tyler Anderson and Sean Cunningham with CB Richard Ellis Inc.'s Phoenix team represented the seller while SSR represented itself in the deal.
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