January 12, 2017
Investment Concepts, based in Orange, CA, acquired the Class B, 288-unit Solano Terrace Apartments in Phoenix, AZ for a potential value-add purpose. Seller 3rd Avenue Investments of Phoenix came away from the deal with $19 million. Bill Hahn, Jeff Sherman and Trevor Koskovich with Colliers International in Greater Phoenix handled the marketing and sale of the asset.
Solano Terrace is situated on close to 10 acres at 4715 N. Black Canyon Hwy. The property, which delivered in 1985, has 18 two-story buildings with studios, and one and two-bedroom units. The apartments range from 450 to 950 square feet, and the asset was 94% occupied upon closing. Common areas include a fitness center, an internet center, two pools, a spa, and a children’s play area.
“The community is in good condition, requiring no immediate improvements, but provides many options to add value and increase revenue,” Hahn said.
For comments, questions or concerns, please contact Amy Sorter