Two Multifamily Communities in Phoenix Find New Landlords

Two multifamily properties in Phoenix have found new owners with the help of Berkadia.
By Liviu Oltean, Associate Editor Located at 3106 West Vogel Ave. in Phoenix, the 290-unit Villages at Metro Center complex was sold for $19 million. The community was developed in 1979 and features studio, one-, two-, and three-bedroom apartments. Its amenity package includes four swimming pools, a Jacuzzi and sauna, barbeques, tennis courts and a fitness center. The buyer was Covina Court, LLC of Long Beach, Calif.

The second apartment complex is a 282-unit community located at 3330 West Greenway Road. It features studio, one- and two-bedroom floorplans. Amenities include a swimming pool, spa, clubhouse, and barbeques. WWC Holdings, LLC of Scottsdale, Ariz. paid $17 million to acquire the asset.

Oakridge Apartments The two deals were arranged by Senior Managing Director Mark Forrester and Managing Director Ric Holway, both with Berkadia.

“Steady job growth and rising income levels are driving increasing multifamily demand in the Phoenix market,” Forrester said in a prepared statement. “Our team marshaled our significant regional experience and market expertise to close these deals at competitive price.”

Image Courtesy of Yardi Matrix