Colliers International in Greater Phoenix Negotiates Sale of Springwood Apartments
Phoenix, October 5, 2016 – Springwood Apartments at 2540 N. 51st Ave. have been sold for $8,080,000 to a California private investor. The sale is part of the dynamic multifamily investment market attracting out-of-state buyers to Phoenix.
“This buyer recognizes a terrific value-add opportunity in this property,” says Trevor Koskovich, executive vice president with Colliers in Greater Phoenix. “The Maryvale submarket is rapidly improving as a community and investment opportunity. Springwood Apartments is poised for modernization and appreciation as an asset.”
Julie Rice Davis of Los Angeles purchased the property from Frances Morales of Phoenix. Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers in Greater Phoenix represented the seller in the disposition. Aaron Fierstein of Marcus & Millichap in Los Angeles represented the buyer.
Springwood is a two- and three-story apartment community comprised of 16 buildings built in 1986. The property’s 160 rental units include 10% studio, 31% one-bedroom, 50% two-bedroom and 9% three-bedroom units. At the time of sale, the community was 89% occupied. Common area amenities at Springwood Apartments include a swimming pool, lush landscaping, laundry facilities, outdoor barbeques and 245 parking spaces. Unit amenities include dishwasher, garbage disposal, French doors and private patios and balconies, as well as additional storage in select units.
Springwood Apartments are located south of Thomas Road along the west side of 51st Avenue. Interstate 10 is situated just one mile south of the property and the immediate neighborhood includes a variety of single-family homes, multifamily properties and commercial/industrial developments. Several schools are within one mile of the community and several hospitals are within a five-mile radius. Springwood is located minutes from Grand Canyon University, which is currently undergoing a major expansion.
-- End --
About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 11 consecutive years, more than any other real estate services firm.
Colliers International in Greater Phoenix has served clients locally and globally for more than 35 years.