Four Valley apartment complexes sell for $150M









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Jun 25, 2014, 2:47pm MST

Mike Sunnucks Senior Reporter-Phoenix Business Journal

Four Phoenix area apartment properties have recently been sold for a combined $150 million.

The local sales continue a national trend of apartment sales and purchases by investment groups and other landlords.

The purchased complexes in Chandler, Phoenix, Glendale and Tempe have a combined 1,121 units.

  • Seattle-based PrivatePortfolio Group LLC — which already owns complexes in Scottsdale and Ahwatukee — acquired Chandler’s Parcland Crossing apartment complex for $65 million. Parcland is a 383-unit property at Willis and Alma School roads. The complex was built in 2013.

The seller was a Alma School Apartments LLC, a joint venture between Mark-TaylorInc. and Kitchell Development Co.

A brokerage team from CBRE led Tyler Anderson and Sean Cunninghamrepresented Alma School. PrivatePortfolio handled the deal internally.

  • HSL Properties Inc. — the largest apartment owner in Tucson — bought The Station on Central in Phoenix for $53 million.

The 414-unit, Class A apartment complex is near Indian School Road and Central Avenue. The seller was North Central Avenue Apartments LLC. HSL plans a $600,000 renovation of the central Phoenix complex. The Station was first built in 1999.

Tucson-based HSL currently owns 42 complexes in the state and also is building a new $43 miliion 368-unit complex in northwest Tucson. That project breaks ground in the fourth quarter.

  • The Adobe Ridge apartments in Glendale near 51st Avenue and the Loop 101 also has sold for $26 million. The Praedium Group LLC — a New York-based real estate investment firm — bought Adobe from Farnum Properties LLC. Steve Gebing of Institutional Property Advisors and Cliff David of Marcus Millchap brokered the deal. Adobe has 224 units.
  • Phoenix-based Clear Sky Capital Inc. has made its 14th apartment acquisition since 2011 with the purchase of Parkside Apartment Homes in Tempe.

The sale price was just under $6 million for the 100-unit for the 52-year old complex near Broadway Road and Priest Drive.

Northstreet Associates, an arm of Kansas-based KC Venture Group was the seller. Cassidy Turley Executive Managing Directors David Fogler and Steven Nicoluzakis brokered the sale.

Mike Sunnucks writes about politics, law, airlines, sports business and the economy.


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