Two-Asset Apartment Portfolio in Phoenix Sells for $56M

The Solano apartment complexes had been updated but still had room for significant upside.

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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