Rancho Viejo Apartment Sale Tops $17M

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PHOENIX-The 20-building, 266-unit Rancho Viejo Apartments complex at 8530 N. 22nd Ave. and Butler Drive is under new ownership today. WLA Investments Inc. of Newport Beach, CA paid New York City-based DRA Advisors LLC $17.5 million or $65,789 per unit and $84.47 per sf for the 207,156-sf, 21-year-old property.

The 10-acre asset in the metro Central submarket has 80 one-bedroom, one-bath units averaging 602 sf; 72 one-bedroom, one-bath units averaging 707 sf; 58 two-bedroom, two-bath homes averaging 902 sf; and 56 two-bedroom, two-bath apartments averaging 996 sf. Amenities include two pools, spa, fitness center, business center and barbecue areas.