Phoenix apartment complexes Solano Ridge I and Solano Ridge II Apartments, a 561-unit multifamily housing community located near 35th Avenue and Northern, have sold for a combined price of $56.7 million, according to a release.
The complex was purchased in December 2016 by 3rd Ave Investments of Phoenix for $35.95 million. Over the last 30 months, 3rd Ave Investments invested $2.5 million into the property to upgrade the apartments, clubhouse and common areas.
The NorthMarq Phoenix team of Trevor Koskovich, Bill Hahn, and Jesse Hudson represented both the seller and the buyer, Intercapital Partners of Chicago, in this transaction.
Phoenix apartment complexes unique multifamily investment
“Solano Ridge was a unique investment for the buyers to acquire two properties and significant economies of scale,” Koskovich said in a release. “The seller deployed capital into the common areas and amenities, but left upside for new investors via interior renovations and in-unit washer/dryer installation.”
Built in 1982, the apartment communities feature studio, one- and two-bedroom apartments, along with three swimming pools, a dog park and upgraded outdoor living spaces. Solano Ridge is in close proximity to major employment hubs, retail centers, and universities.
About NorthMarg
As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $13 billion, loan servicing portfolio of more than $57 billion and the multi-year tenure of our more than 500 people.
About 3rd Ave Investments
3rd Ave Investments is a real estate investment and management firm specializing in the acquisition and re-positioning of Arizona multifamily assets through a value-add private equity fund structure. Founded in 2015 by Zev Hendeles, 3rd Ave Investments has acquired more than 3,050 apartments with an aggregate market value of more than $320 million.
3rd Ave Investments targets poorly managed, undervalued and off-market investments, where opportunities exist to create value with an active management approach. 3rd Ave Investments is directly involved in all aspects of the acquisition, re-positioning and/or redevelopment process.
