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Repositioned 288-Unit Complex Reaps $12M

PHOENIX-Cornerstone Management Services acquires Rio Village Apartments, capping a yearlong repositioning strategy that has occupancy resting at 90%. GMAC Mortgage Group collects $12.1 million from the sale.

By Amy Wolff Sorter | Updated on September 06, 2005

PHOENIX-GMAC Mortgage Group Inc. has sold the refurbished and now-stabilized 288-unit Rio Village Apartments to Mesa-based Cornerstone Management Services for $12.1 million. The property was on the market for $13.7 million.

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.

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