(To read more on the multifamily market, click here.)
PHOENIX-The Certe Group of San Diego has paid $41.5 million for the 408-unit Redhawk at Sheely Farms to Fairfield Residential Inc. The asset's location and high occupancy reeled in offers from a dozen bidders.
"This is a well-stabilized, good quality asset," Tyler Anderson, an executive vice president with CB Richard Ellis Inc.'s local office, says about the 9330 W. McDowell Rd. complex. Anderson, who partnered with Sean Cunningham to broker the deal, tells GlobeSt.com that Redhawk received 12 offers in 45 days of marketing. "Because of its location at the intersection of I-10 and Loop 101, the interest was strong," he adds. "It's one of the few properties that isn't being converted into condos."
Anderson says the Certe Group placed the highest offer for the two-year-old Redhawk, situated right across the street from Banner Estrella Hospital, which is scheduled to open this year. The complex currently is 92% occupied.
Redhawk at Sheely Farms' rents range from $773 to $1,288 per month. The complex consists of 264 one-bedroom units with 715 sf to 975 sf; 132 two-bedroom apartments, 970 sf to 1,085 sf; and 12 three-bedroom units in a 1,320-sf floor plan.
With the Redhawk acquisition, the Certe Group now owns four multifamily assets in the Valley. "They've been very active," Anderson says, "and I believe they're looking for more properties here in the Valley." In April, the buyer spent $20 million for the 282-unit Polo Club at 3319 E. University Dr. in nearby Mesa.
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