GOODYEAR, AZ-HSL Properties has struck a deal with Alliance Residential Co. to buy the 226-unit Broadstone Canyon Trails Apartments. At the conclusion of the $23.6 million transaction, HSL rebranded the five-year-old complex as Encantada at Canyon Trails.
The property is situated on 12 acres at 16450 W. Van Buren St. near the Estrella Mountains. The asset offers one-, two- and three-bedroom units ranging from 741 square feet to 1,315 square feet. Rents are between $640 and $1,230 per month.
The Broadstone/Encantada purchase is the latest for HSL Properties, which, along with its affiliates, owns 42 apartment complexes in Arizona. HSL Properties recently broke ground on Encantada at Steam Pump Ranch, a 288-unit, $33 million project in Oro Valley north of Tucson. HSL is also building Encantada at Dove Mountain, a 272-unit, $30 million apartment project in Marana, north of Tucson.
Last year, HSL completed Encantada at Riverside Crossing, a 304-unit, luxury apartment community in Tucson, and acquired Encantada at Queen Creek, a 264-residence community, from Alliance Residential.
In previous interviews with GlobeSt.com, Omar Mireles, executive vice president of HSL Properties, indicated he's on the lookout for more multifamily properties in the area.
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