Chicago-based Intercapital Partners has acquired a two-property apartment portfolio in Phoenix for a combined $56.7 million from 3rd Ave Investments of Phoenix. The portfolio includes Solano Ridge I and Solano Ridge II Apartments, a 561-unit multifamily housing community located near 35th Avenue and Northern.

The seller acquired the properties in late 2016 for $35 million, and invested $2.5 million into the property. However, it left room for additional upside for buyers, which can be accomplished through interior unit renovations.

The NorthMarq Phoenix team of Trevor Koskovich, Bill Hahn and Jesse Hudson represented both the seller and the buyer in the deal.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.