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| Steve Gebbing |
PHOENIX, AZ – Institutional Property Advisors (IPA), a
brokerage division of Marcus & Millichap serving the needs of institutional
and major private investors, has arranged the sale of Colter Park, a 384-unit
apartment community in Phoenix, Ariz. The terms of the sale were not disclosed.
IPA
senior director Steve Gebing and Marcus & Millichap vice president
investments Cliff David advised the seller, an institutional pension
fund advisor. The buyer is a limited partnership formed by The Sheiner Group of
Westmount, Quebec, Canada.
“Colter
Park enjoys a commanding position in the city of Phoenix Infill Development
District and within Transit-Oriented Zoning Overlay District One (TOD-1), an
area that is experiencing a lifestyle regeneration through millions of dollars
in gentrification efforts leading to unprecedented rental demand,” says Gebing.
“The property’s seller implemented strategic capital expenditures to increase
revenue and attract and retain an upgraded resident profile.”
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| Cliff David |
“These
measures have led to above-market physical occupancy with diminishing rental
concessions, and further opportunities to enhance revenue remain,” adds David.
The
property is located at 909 West Colter St. within walking distance of the
Melrose District/7th Avenue/Camelback Valley Metro light rail station.
Central
Avenue, the major north-south arterial road connecting the Uptown/Midtown
office corridor with downtown Phoenix, is approximately one mile east of the
community.
Camelback Corridor, one of the region’s premier urban centers and
Phoenix’s most well-known and desirable high-end office destination with more
than 9 million square feet of multi-tenant office space is nearby. The Biltmore
area of the Camelback Corridor, one of the city’s premier upscale shopping,
dining and financial districts is approximately three-and-a-half miles east of
Colter Park, and Christown Spectrum Mall, a 1.4 million-square-foot power
center, is approximately one-and-a-half miles northwest of the property.
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| Colter Park Apartments, Phoenix, AZ |
Developed
by Levitt & Sons in 1972 on nearly 12 acres, Colter Park features studio
and one-, or two-bedroom apartment homes.
Interiors have new kitchen and
bathroom cabinets with brushed-nickel hardware, new countertops, all-electric
kitchen appliances, upgraded lighting and plumbing fixtures, two-tone paint,
upgraded baseboards and wide-plank wood-style flooring.
Community
amenities include two swimming pools and a spa, a stand-alone leasing office,
clubhouse, fitness center, clubroom with a fully appointed kitchen and business
center, and four laundry facilities, including one laundry lounge with
controlled access entry, new card-operated washer and dryer equipment and a
wall-mounted flat-screen television.
The main pool area is a Wi-Fi hot spot and
the common areas feature barbecue grills and pet stations. Colter Park also
features controlled-access gated entry, keyed-entry pedestrian gates and
lighted cantilever covered parking.
For a complete copy
of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
As a current resident of Colter Park, I'd say that the following statement of the press release is significantly overblown: “The property’s seller implemented strategic capital expenditures to increase revenue and attract and retain an upgraded resident profile.”
ReplyDeleteIf by "upgraded resident profile" it means allowing a family of four to live in a one-bedroom apartment; or loud, crude, and inconsiderate residents?
I know that the law prohibits "upgrading residents" per se, if they can show they can afford the rent. I'd recommend this blogger keeps an eye on the continued "improvements" that the Living Well Homes management provides. Already it appears they have eliminated weekend maintenance,if the condition of the pools is any indication.