PHOENIX—Colliers International in Greater Phoenix recently completed the sale of Dobson Springs, a 120-unit, class B apartment complex, for $9.12 million, or $76,000 per unit.
The Standard-Mesa, LLC, of Denver purchased the complex, located at 1325 W. Guadalupe Rd. in Mesa, from Synergy Dobson Springs LP in Phoenix.
Bill Hahn, Jeffrey Sherman and Trevor Koskovich, senior vice presidents with Colliers International's HSK Multifamily, served as the brokers for the buyer and the seller.
Built in 1980, the garden style, 102,600-square-foot apartment property is situated on 4.46 acres and consists of five three-story buildings. Unit mix is 18 one bedroom/one bath and 102 two bedroom/two bath apartments. The complex has been extensively remodeled, inside and out, during the past four years.
Koskovish tells GlobeSt.com, “The submarket shows strong investor demand operationally; it's outperforming other parts of Mesa. The seller was focused on market fundamentals and moving on to other markets. It was a traditional market-rate sale.”
This is the buyer's third Phoenix acquisition in the past 18 months.
“Dobson Springs gives the buyer an opportunity to step into a turnkey asset,” Sherman says, adding, “As the long list of recent capital improvements show, very little remains to be completed, allowing the buyer to reap the benefits of strong cash flow and a dynamic location with many nearby demand drivers.”
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