Colliers International Sells Avalon Apartments in Phoenix for $13.7 Million
117-Unit Asset Acquired by Pathfinder Partners Acquisitions of San Diego
Phoenix, December 29, 2017 – Colliers International in Greater Phoenix negotiated the sale of the 117-unit Avalon Apartments at 3851 N. 28th Street in Phoenix for $13.7 million. Bill Hahn, Trevor Koskovich, and Jesse Hudson of Colliers represented the seller and procured the buyer.
Pathfinder Partners Acquisitions, LLC, an entity formed by Pathfinder Partners of San Diego, California was the buyer. The seller was Phoenix Avalon LLC, an entity formed by 3rd Ave Investments of Phoenix.
“The buyer plans on completing the high-end interior upgrade program already initiated by the seller, totaling over $20,000 per unit in renovation costs,” said Hahn. “They hired highly acclaimed Alliance Residential to manage their property and drive up market rents in the gentrifying Arcadia-lite submarket.”
Avalon consists of seven buildings, totaling 96,750 square feet on approximately 3.48 acres. The community offers 117 apartments, with a blend of 69 percent one-bedroom and 31 percent two-bedroom units. Newly renovated units include full size washers and dryers, along with new paint, flooring, granite countertops, kitchen and bathroom cabinets, and stainless steel appliances.
The community is located on the east side of 28th Street, just south of Indian School Road. The property is minutes from popular upscale restaurants, retail centers, and major employment corridors, including the Biltmore area and downtown Phoenix. Centrally located along the Camelback Corridor in the Arcadia area, residents have easy access to the popular Arizona Biltmore Golf Course, Arcadia neighborhood, Camelback Mountain hiking, and a direct route to uptown Phoenix and Old Town Scottsdale shopping and dining.
Pathfinder is a value investor applying an opportunistic and value-add approach to real estate investments, which it can transform through additional capital infusions, institutional level management and property re-positioning. Pathfinder has acquired defaulted loans, bank real estate-owned and value-add properties, with estimated invested capital exceeding $725 million.
3rd Ave Investments has acquired 1,873 apartments with an aggregate market value of more than $200 million. They target poorly managed, undervalued and off-market investments, where opportunities exist to create value with an active management approach.
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About Colliers International Group
Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry leading global real estate services company with 15,000 skilled professionals operating in 68 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 helps clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 12 consecutive years, more than any other real estate services firm. Colliers also has been ranked the top property manager in the world by Commercial Property Executive for two years in a row.
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Colliers International in Greater Phoenix has served clients locally and globally for more than 35 years.