If you need assistance, please call 480-365-8346

New York investor plops down $211M for Valley apartment portfolio

Friday, April 5, 2019   /   by Juan Grimaldo

New York investor plops down $211M for Valley apartment portfolio

East Coast group previously owned a handful of properties in the Valley

Screen Shot 2019-04-05 at 10.42.34 AM.png
(Image: Angela Gonzalez, Phoenix Business Journal)
This apartment complex at 4529 W. Ocotillo Road in Glendale was part of a recent $211 million portfolio sale.


New York-based AllianceBernstein U.S. Real Estate Partners has come back to the Phoenix market in a big way.

 

The real estate company shelled out $211 million for a 12-property, 2,182-unit portfolio of apartments, according to the Kasten Long Weekly Apartment Closing Update.

 

AllianceBernstein previously bought two properties in the Valley in 2016 but sold them last December, said Linda Fritz-Salazar, associate broker and senior partner for Kasten Long Commercial Group.

 

Selling the $211 million portfolio was a Canadian investment firm, Western Wealth Capital, which declined to comment on the transaction citing confidentiality agreements.

 

Also unable to talk about the deal were the brokers, Steven Gebing and Cliff David, senior managing directors for Institutional Property Advisors, a division of Marcus & Millichap.

 

AllianceBernstein (NYSE: AB) did not respond to requests for comment.

 

Even after selling the 12 apartment communities, Western Wealth still owns another 17, said Fritz-Salazar.

 

"I understand Western Wealth has a 5 percent interest in all properties they sold," she said.

 

On the same day the portfolio deal went through, Gebing and David brokered a separate transaction, in which Embrey Partners sold the 319-unit Flats at San Tan in Gilbert to Weidner Apartment Homes for $71.43 million.


Screen Shot 2019-04-05 at 10.44.02 AM.png
(Image: William Legoullon)
Institutional Property Advisors also brokered the sale of The Flats at SanTan, a 319-unit apartment complex in Gilbert that sold for $71.43 million on the same day the $211 million portfolio closed.


The 12 properties acquired by AllianceBernstein closed on March 28-29. Details on each are below:

 

Edgewater

Address: 102 S. 4th Ave., Avondale

Units: 196

Price: $21.75M

Last sale: $10.2M in June 2014

Year built: 1985

 

Sandal Ridge

Address: 645 N. Country Club Drive, Mesa

Units: 196

Price: $19.9M

Last sale: $12.25M in May 2016

Year built: 1979

 

Terrace Park

Address: 8130 W. Indian School Road, Phoenix

Units: 213

Price: $20.1M

Last sale: $14.25M in March 2017

Year built: 1984

 

Brookside

Address: 6131 W. Thomas Road, Phoenix

Units: 203

Price: $17.8M

Last sale: $10M in April 2015

Year built: 1984

 

Marble Creek

Address: 5601 W. McDowell Road, Phoenix

Units: 244

Price: $21.65M

Last sale: $16.75M in August 2017

Year built: 1985

 

Villa Serena

Address: 4221 W. Dunlap Ave., Phoenix

Units: 137

Price: $12.1M

Last sale: $6.42M in August 2014

Year built: 1982

 

Urban Trails

Address: 1620 W. Southern Ave., Mesa

Units: 156

Price: $16.4M

Last sale: $13.1M in January 2017

Year built: 1974

 

Penny Lane

Address: 544 E. Southern Ave., Mesa

Units: 136

Price: $14.25M

Last sale: $10M in May 2016

Year built: 1985

 

Montego

Address: 949 S. Longmore, Mesa

Units: 154

Price: $18.2M

Last sale: $13.9M in March 2017

Year built: 1979

 

Lantana Gardens

Address: 4529 W. Ocotillo Road, Glendale

Units: 120

Price: $11.55M

Last sale: $5.1M in February 2015

Year built: 1983

 

Tierra Santa

Address: 4620 W. McDowell Road, Phoenix

Units: 274

Price: $20.95M

Last sale: $13.4M in May 2017

Year built: 1987

 

Sunpointe

Address: 7077 W. McDowell Road, Phoenix

Units: 152

Price: $16.35M

Last sale: $10.8M in January 2017

Year built: 1984

Source: Kasten Long Commercial Group's Weekly Apartment Closing Update


Author: Angela Gonzalez, Phoenix Business Journal

 

Keller Williams Realty Professional Partners - The Grimaldo Group
Juan Grimaldo
7025 West Bell Road #10
Glendale, AZ 85308
480-365-8346

© 2020 Arizona Regional Multiple Listing Service, All rights reserved. The data relating to real estate for sale on this website comes in part from the Arizona Regional Multiple Listing Service. Real estate listings held by brokerage firms other than Juan Grimaldo - Keller Williams Realty Professional Partners - The Grimaldo Group (WINBACK) are marked with the Arizona Regional Multiple Listing Service logo and detailed information about them includes the name of the listing brokers. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Arizona Regional Multiple Listing Service shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. September 18, 2020
This site powered by CINC: www.cincpro.com