Colliers Brokers $5.68M Sale of Class B Apartments by Blue Valley
- Jul 11, 2014
Blue Valley Apartments Inc. of West Palm Beach, Fla. recently sold Villas at Roger Road to Equilibrium Villas L.L.C. of Washington, D.C.
The transaction brokered by Colliers HSK Multifamily was worth $5.68 million, at $24,500 per unit. Colliers International in Greater Phoenix announced that Senior Vice Presidents Bill Hahn, Jeffrey Sherman and Trevor Koskovich represented both parties.
Colliers HSK Multifamily is positioned within the marketplace as a service-intensive operation serving the private and institutional capital markets with Hahn, Sherman and Koskovich specializing in the sale of multifamily investment real estate. According to the group’s website, it has achieved the highest market share of sales of B- and C-quality multifamily assets in Arizona, using Colliers International’s resources to assist in the placement of debt, investment sales and appraisal services.
Sherman is confident about the community’s future on the Tucson market. “Villas at Roger Road presented an excellent opportunity to acquire an investment asset that could quickly appreciate through property repairs and the continued stabilization of income,” he said in a recent statement to the media.
Built in 1984, the 232-unit Class-B gated apartment complex is located at 3985 North Stone Avenue. It includes 88 one-bedroom and 144 two-bedroom/one-bathroom apartments that range in size from 500 to 750 square feet. The air-conditioned units are cable ready, equipped with appliances, and include balconies and oversized closets. The pet-friendly community offers sports courts, swimming pool, laundry facility, covered parking and a clubhouse.
MEB Management Services manages the property.
Photo credits: Villas at Roger Road