PHOENIX—Resort on 27th LLC of Los Angeles purchased Willow Springs Apartments, located at 4715 N. 27th Avenue, from MLCFC 2007-7 North 27th Avenue LLC of Miami Beach. Colliers International in Greater Phoenix completed the sale of the 468-unit, class C apartments in Phoenix for $13.25 million or $28,312 per unit ($42.66 per square foot).
Bill Hahn, Jeffrey Sherman, and Trevor Koskovich, executive vice presidents with Colliers International's HSK Multifamily Southwest Team, represented both buyer and seller.
Koskovich tells GlobeSt.com the Black Canyon Corridor submarket is a C class area with a working class population. “The area really suffered during the downturn, but now we're seeing rents rise and occupancies hit maximum levels. It's really turning around due to job growth and the economy improving. Another factor in this transaction is that there has been no new construction and there is none forecasted.”
Built in 1986, the apartment community consists of 14 three-story buildings constructed on a rectangular-shaped site, situated on 13 acres. The property is north of Indian School Road, south of Glenrosa Avenue and west of the I-17.
Within 310,596 square feet of living space, the unit mix is 252 one bedroom/one bath, 108 two bedroom/one bath and 108 two bedroom/two bath apartments.
Unit amenities include walk-in closets, dishwashers, storage rooms and private balconies/patios. Common amenities at Willow Springs include a swimming pool, spa, laundry facility, fitness center, playground and 468 covered parking spaces, plus 280 additional open spaces. A separate rental office and clubhouse are located at the west end of the property with visibility along 27th Avenue.
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