Ahwatukee Apartments LLC outbid five full-price offers to win the 20-year-old complex at 11025 S. 51st St., David Fogler, senior vice president of Phoenix-based Grubb & Ellis|BRE Commercial LLC, tells GlobeSt.com. "The new owner, which is led by Jed Curtis, is aiming to reposition Villa Marbella," says Fogler, who teamed Steve Nicoluzakis to broker the sale. "The new owner hopes to bring on better residents at higher rents."
According to Fogler, the Villa Marbella is "a little tired" and needs $500,000 to $1 million in improvements. Exterior upgrades will dominate the renovations, which also include work to the fitness center and clubhouse. Fogler says the units' interiors are in good shape.
Villa Marbella has 95 one-bedroom units, ranging from 678 sf to 771 sf, and 88 two-bedroom units with 958 sf to 1,043 sf. Rents range from $660 to $840 per month. According to Fogler, the complex is 92% leased versus the marketwide average of 94%.
The complex was sold by Vancouver-based Anthem Villa Marbella LP, which is exiting the Phoenix apartment market. Its last property in the metro, the 265-unit Shadow Mountain Villas at 3511 E. Baseline Rd. is being marketed for $15.5 million by Fogler and Nicoluzakis.
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