(Read more on the multifamily market.)
PEORIA, AZ-Within months of its delivery, the 163-unit Alexan Bella Vista has been sold to a private fund from Seattle for $27.7 million. Additionally, Opus West Corp. and Trammell Crow Residential are now marketing its just-completed sister, the 240-unit Alexan Paradise Lane.
Sean Cunningham, vice chairman in CB Richard Ellis' Phoenix office, tells GlobeSt.com that James Almond, principal of PrivatePortfolio Group LLC of Seattle, had negotiated a price with the sellers before the best-and-final call for offers. He says Almond's plans for the 75%-leased complex at 7677 W. Paradise Lane are lease it up and keep it as a long-term hold.
“Jim owns approximately 3,000 units in the Metro Phoenix area and has been purchasing here since the late 1990s,” Cunningham says. “His acquisition criteria are class A, recently constructed properties. Alexan Bella Vista fit those parameters and is very well located.” CBRE vice chairman Tyler Anderson and senior vice president Jack Hannum worked with Cunningham to close the deal.
Situated on eight acres, the Alexan Bella Vista has one-, two- and three-bedroom units, measuring from 840 sf to 1,517 sf. The monthly rents range from $985 to $1,525. Pillar Communities in Scottsdale, a wholly owned company of PrivatePortfolio Group, will manage the complex.
Cunningham says the Alexan Paradise Lane, across the street at 8092 W. Paradise Lane, received its certificate of occupancy in July. The 60%-occupied complex is on the market for $42.28 million. He says Phoenix-based Opus and Atlanta's Trammell Crow Residential expect to have the asset sold by year's end.
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