The buyer, well known throughout the Valley for its condominium conversion projects, purchased the 13-year-old complex from Grenfell-Parry I LLC of Chandler. Right Place Properties, though, isn't planning to convert Rancho Veredas Apartments, but instead will hold onto it for its cash flow, says Todd Braun, a senior director in Phoenix for Cushman & Wakefield of Arizona Inc., who represented Grenfell-Parry I LLC.
Braun tells GlobeSt.com that the seller is a valued-add investor who bought Rancho Veredas Apartments about a year ago. The repositioning included upgrades to the asset, operational changes and re-tenanting.
Situated on 6.5 acres at 2827 N. 51st Ave., Rancho Veredas Apartments consists of 18 two-story, garden-style buildings. The 90%-leased complex has 43 studios, 96 one-bedroom units and 74 two-bedroom units. The unit average is 688 sf, and the average rent is $520 per month.
"There's still a lot more value to be achieved…There's a decent amount of upside going forward," Braun says, noting the property received more than half a dozen offers. Right Place Properties, represented by Arizona-based Capital Asset Enterprises, paid cash for Rancho Veredas Apartments.
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