PHOENIX—Marcus & Millichap has negotiated the sale of Emerald Shores, a 304-unit multifamily community located at 8151 W. Indian School Rd. in Phoenix.
Rich Butler, Brian Tranetzki and Steve Gebing represented the seller, Gran Victoria Housing LLC, a nonprofit organization based in Phoenix. The buyer, a private party, is base out of Los Angeles. Neil Sherman of Sperry Van Ness represented the buyer in the transaction.
Emerald Shores is designed for active adults and families. The pet-friendly community offers studio and one-bedroom apartments in a park-like atmosphere with a resort style swimming pool, spa, sundeck, gazebo, barbecues, large children's playground and a jogging trail.
The asset sold for $8 million.
Tranetzki tells GlobeSt.com, “The area is mostly workforce-type housing with lower income properties. It was an all-cash deal with the buyer acquiring a conventional loan from Opus Bank for $5.31 million. The buyer owns multiple assets in the Phoenix area.”
The class C-plus grade apartments were 97% occupied at the time of closing.
Emerald Shores is close to Glendale Community College, Westgate, Universal Technical Institute and multiple shopping centers.
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