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PHOENIX-In their third real estate transaction together, seller Utah State Retirement Investment Fund and the buyer, San Francisco-based Phoenix Renaissance LLC, have closed a $21.47-million deal for the 360-unit Renaissance.
"The owner had sold two other buildings to the same buyer so there was a comfort level there. And, they were well familiar with one another," says Bob Bruno, partner with Hendricks & Partners' Phoenix office. Bruno, along with Mark Forrester in the firm's Phoenix office and Kent Nelson in Salt Lake City, brokered the transaction on behalf of both parties.
Bruno tells GlobeSt.com that the Renaissance, located at 13421 N. 43rd Ave. near Arizona State University West, had an occupancy rate hovering 95% at the time of the sale. That, along with the location and upkeep, had made it an attractive offering to potential buyers. "This was a well-maintained, well-managed building and little deferred maintenance was required on it," he adds.
The complex, which had been on the market six months, was listed at $25 million. "We received a lot of offers," Bruno says, adding the past dealings between buyer and the Salt Lake City-based pension fund weighed heavily on the final decision.
Renaissance, built in 1984, has 180 one-bedroom units with 688 sf to 833 sf and 180 two-bedroom apartments ranging from 970 sf to 1,049 sf. Bruno notes the rental rate on the units averages 85 cents per sf.
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