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$24M Multifamily Asset Sale Breaks Suburb's Record

SURPRISE, AZ-Pacific Northwest Properties beats out 12 other prospective buyers for the 256-unit Villas at Mountain Vista Ranch. The $23.8-million price translates to $92,969 per unit for an 85%-occupied complex.

By Jennifer D. Duell | Updated on June 13, 2005

(To read more on the multifamily market, click here.)

SURPRISE, AZ-The 256-unit Villas at Mountain Vista Ranch has sold for $23.8 million, a new record for the priciest multifamily asset trade in the city at $92,969 per unit. The Portland, OR-based Pacific Northwest Properties acquired the two-year-old complex from West Valley Investment Partners LLC.

“When we put the property on the market at $24 million, we were unsure if it would get that much,” says Jerry Tenge, a senior vice president with Colliers International’s Phoenix office. “But, the Surprise market was very well received by investors.” He tells GlobeSt.com that the Villas at Mountain Vista Ranch at 16630 N. Reems Rd. attracted 13 offers, including a pitch from a condo converter for $105,000 per door just as the deal was headed to the closing table. “The new owner already said that he’s not going to sell,” he says. The deal closed at closed at the highest per-unit price for a multifamily asset in the city, he adds.

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