$44.5M sale approved for apartments in Apache Junction
Posted 8/16/22
Northmarq’s Phoenix investment sales team of Trevor Koskovich, Jesse Hudson, Bill Hahn and Ryan Boyle brokered the $44.5 million sale of Sonoma Valley Apartments in Apache Junction.
The team …
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Property
$44.5M sale approved for apartments in Apache Junction
Posted
Northmarq’s Phoenix investment sales team of Trevor Koskovich, Jesse Hudson, Bill Hahn and Ryan Boyle brokered the $44.5 million sale of Sonoma Valley Apartments in Apache Junction.
The team represented the seller, Scottsdale-based Sonoma Valley LLC, according to a release.
FSO Real Estate Services LLC, a division of FSO Capital Partners, a real estate private equity firm in Phoenix that is focused on acquiring and managing value-add multifamily properties throughout the Southwest, purchased the 176-unit Sonoma Valley at 975 S. Royal Palm Road.
Built in 2001, the 176,000-square-foot garden-style property includes 11 two-story buildings on 9.9 acres just south of the Old West Highway (Apache Trail) and east of State Route 88. The Sonoma Valley complex features an even split of 950-square-foot two-bedroom/two bathroom units and 1,050-square-foot three-bedroom/two bathroom units. The community includes a pool and hot tub, 24-hour fitness center, picnic areas, basketball court and playground.
“Sonoma Valley features original interior finishes, making the property prime for next-generation enhancements,” Hudson said in the release. “The buyer was attracted to the property because of its long-term low-interest fixed-rate assumable debt."
