Phoenix Still A Hunting Ground For Value-Add Apartment Deals
The 160-unit Springwood Apartments in Phoenix's Maryvale submarket traded for more than $8M recently, highlighting the continued appeal of Phoenix for value-add apartment deals. "The buyer recognized a value-add opportunity in this property," says Colliers International EVP Trevor Koskovich, in the Phoenix office. Trevor, along with colleagues Bill Hahn and Jeff Sherman, repped the seller.
The Maryvale submarket is improving as a community, Trevor says, and as an investment opportunity. "Springwood Apartments is poised for modernization and appreciation as an asset." The property, developed in 1986, totals 16 buildings at 2540 North 51st Ave, and is 89% occupied. The buyer, Julie Rice Davis of California, was repped by Marcus & Millichap's Aaron Fierstein in the LA office.
