According to Todd Braun, senior director in Cushman & Wakefield of Arizona Inc.'s Phoenix office, GMAC took over the class C complex at 3333 W. Dunlap Ave. close to a year ago. "It had a fair amount of deferred maintenance and tenancy issues," he says. "In light of both of those things, it had operational issues as well."
The complex had "tenancy" issues like an occupancy rate of approximately 60% and non-paying renters, adds Braun, who with C&W's Jim Crews, Brett Polachek and Paul Gross, brokered the transaction for both the buyer and the Horsham, PA-based seller.
Braun says the owners turned to Fairfield Residential LLC in Grand Prairie, TX to help bolster the value of the asset through management improvement and aggressive marketing to quality tenants. "Fairfield put about $300,000 into the effort," Braun tells GlobeSt.com. The result, within a year, was a stabilization of occupancy to about 90%.
Cornerstone Management plans to continue Fairfield's job of maintaining and adding more value to the property. "Cornerstone is a mid-size management company here in town, known for its management expertise," Braun says.
Rio Village features 240 two-bedroom units, averaging 820 sf, and 48 three-bedroom apartments, averaging 1,010 sf. Monthly rents are $679 and $925.
"This is a great property with good drive-by frontage on a major thoroughfare," Braun says. "It just needed to be cleaned up. Fairfield took it to that level. Now the new guys coming in can take it to the next level."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
