Avanti Residential Unloads Phoenix-Area Multifamily Community

The Villas at Mountain Vista Ranch is a 256-unit, value-add apartment complex in the Phoenix suburb of Surprise. Avanti Residential sold the property for $85 million, which comes out to $332,000 a unit. The buyer was not disclosed. The units, located at 16630 N. Reems Road are near Loop 303 Freeway and 15 minutes from Luke Air Force Base.

Built in 2003 the property is comprised of one, two and three-bedroom units that average out to 1,000 square feet. The complex has a pool and fitness center.

Newmark’s trio of Brad Goff, Brett Polachek and Chris Canter represented the seller. Canter commented on the location’s assets, “This property is situated in the high-growth area of Surprise near numerous jobs and amenities. The new owner will benefit from the strong rent growth the Phoenix area has experienced over the past few years.”