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PHOENIX-An investment group from the Bay Area has acquired Ventura Vista, a 170-unit, class A complex just south of Loop 101, for $16.7 million. An affiliate of Seattle-based S-J Management LLC is the seller, closing out a two-year hold with a profit.
Ventura Cave Creek LLC of Oakland, CA was one of eight investors vying for the deed to 18660 N. Cave Creek Rd., Bob Bruno, an investment broker with Phoenix-based Hendricks & Partners, tells GlobeSt.com. "This was an A building in an A location. It's condo-conversion quality," says Bruno, who partnered with Mark Forrester to broker the sale.
S-J Management acquired Ventura Vista in July 2003 for $14.3 million or $84,118 per unit. The complex, which was the company's first acquisition outside the state of Washington, was built in 2001 by locally based P.B. Bell Associates.
Situated on 7.6 acres, the 96%-occupied complex is comprised of five two- and three-story, garden-style buildings with 10 studios of 874 sf; 52 one-bedroom units ranging from 656 sf to 773 sf; 84 two-bedroom apartments, 1,072 sf to 1,137 sf; and 24 three-bedroom designs with 1,266 sf. The average unit is 999 sf; monthly rents range from $666 to $1,112.
Ventura Vista houses a cross-section of residents including young single professionals, young married couples, older "empty nesters" and college students, according to Michael Sauter, CEO of S-J Management.
Sauter stresses S-J Management is not exiting the Valley market. The firm recently acquired Monterra Apartments, a 258-unit, class A asset, for $18.2 million from locally based Gray Development. The complex at 1333 N. 24th St. was 96%-leased when S-J Management bought it.
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