Rancho Encanto Apartment Partners LLC acquired the class B, garden-style property from local owner, Rancho Encanto 35th Ave LLC. The seller was distressed, which forced the lender short-sale, says Steve Nicoluzakis, executive vice president with Cassidy Turley BRE Commercial. He and Dave Fogler brokered the sale.
Located at 15615 N. 35th Ave., Rancho Encanto Apartments is the first multifamily property the partnership has acquired in the area. The 1980s-era community has a unit mix of one- and two-bedroom units with an average size of 643 square feet and average rents of $625 per month. Amenities include a pool, fitness center, clubhouse and laundry facility.
Rancho Encanto was 75% occupied at the time of sale. Nicoluzakis tells GlobeSt.com that the property was on the market for less than 30 days and received 20 offers. "Rancho Encanto is a quality asset and location for a good price," he adds.
The new owner has hired Parawest Management to renovate and operate the complex. Plans call for more than $3,000 per unit to be spent on upgrades.
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