(To read more on the multifamily market, click here.)
PHOENIX-SNK Realty Group, a real estate operating and development company with offices throughout the Southwest, has sold the 576-unit Andante Apartments to JPMorgan Real Estate for $58.76 million.
The sale of the class A complex at 15801 S. 48th St. represents the last product that the merchant builder had available in the metro area. But according to Hal Watson, CEO of SNK Realty Group, he's not through with Phoenix by a long shot. "We're looking at opportunities to buy land every week, but haven't pulled the trigger on any property recently," Watson tells GlobeSt.com.
Tyler Anderson, executive vice president with CB Richard Ellis Inc.'s Phoenix office, says the Andante property wasn't officially listed, but "we marketed it around for about 30 days and had a number of offers." He says the New York City-based JPMorgan Real Estate offered a rapid closing and the most competitive price on the property.
Built in phases in 1999 and 2000, Andante's mix, which is practically full, includes 408 one-bedroom apartments with 548 sf to 828 sf and 168 two-bedroom units, ranging from 1,212 sf to 1,284 sf. Monthly rents run from $742 to $,1099. The gated complex has three swimming pools plus an outdoor spa and meditation garden.
Anderson and colleague Sean Cunningham represented SNK, with Robert Curran of JPMorgan Asset Management structuring its terms for the all-cash buy to get a class A piece of the Ahwatukee Foothills. The submarket, one of the metro's fastest growing, also has the highest average annual household income in the region, $94,921. In the past year, single-family housing prices escalated 52%, pushing the average sales price to $295,963.
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