News
Apartments Offering Discounts, Too
July 9, 2014
In the apartment market, DC-based Equilibrium Villas just purchased the Villas at Roger Road, a 232-unit, Class-B apartment complex in Tuscon for $5.7M—or $24,500/unit, on the lower side of pricing for Phoenix multifamily. Colliers International's Bill Hahn, Jeffrey Sherman, and Trevor Koskovich brokered the deal. It's also a value-add play, as Jeffrey tells us it'll be able to increase rents through property repairs.
According to a recent Cushman & Wakefield report, many apartments are trading in the $20k/unit range. But there have been some whoppers, including Mission Palms, which was picked up by Bridge Investment Group Partners for $25.6M, or more than $71k/unit, and Oracle Village, snapped up by HSL for $62,500/unit.
