October 8, 2019
Sundance Bay LLC plunked down $30.8 million to own the 352-unit Solano Vista in Glendale, AZ. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke with CBRE negotiated the transaction between the Salt Lake City, UT buyer and the seller, 3rd Ave Investments of Phoenix.
The recently re-branded Solano Vista is at 7102 N. 43rd Ave. “When 3rd Ave Investments acquired Solano Vista in January 2018, it was an underperforming asset in need of substantial improvements,” said 3rd Ave Investment’s Zev Hendeles. “We were able to revitalize and reposition the asset with professional management and upgraded amenity areas.”
Added Smuckler: “The property will continue to perform well, given superior amenities and desirable location in an extremely supply-constrained submarket. Additionally, there is significant upside to increase rental revenue through interior upgrades.”
Solano Vista offers mainly studio and one-bedroom units. Amenities include a fitness center, clubhouse, dog park, four swimming pools, multiple laundry facilities, barbecues and covered parking.
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