MESA, AZ-Colliers International in Greater Phoenix has negotiated the sale of the 272-unit Casa Carranza Apartments, a seven-building complex featuring a large solar array.
SPL Real Estate & Management Company, Denver acquired Casa Carranza in an all-cash transaction for $9.1 million, or $33,456 per unit.. The seller was Summit Equity Investments, Inc., a Los Angeles-based real estate investment firm. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers' HSK Multifamily team represented both parties.
The community, which was built in 1979, was originally acquired by Summit in 2010; and Summit completed extensive remodeling in 2011. Most significant was the addition of a $1.5 million, 281-kilowatt solar power system, which covers 15,000 square feet atop new parking canopies with 1,004 high-efficiency solar panels. This is believed to be the largest covered-parking solar power system added to an apartment community in Arizona.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
