Fourth of Four Phoenix Multifamily Properties Sold by KKR
The $68.5 million sale of Ponderosa Ranch, a 272-unit, multifamily real estate community in Tempe, Arizona was the last remaining property to close from a 864-unit, four-property portfolio. Newmark’s Brad Goff, Brett Polachek, and Chris Canter represented the seller, KKR, in the sale to an undisclosed buyer. The total consideration of the four properties was $275 million.
“We are pleased to complete the disposition of this portfolio on behalf of KKR,” said Goff. “Each property offers proximity to some of the city’s most popular destinations and activities and provides easy access to several major freeways while offering the opportunity for value-add upgrades, allowing new ownership to capitalize on the Phoenix area’s remarkable rent growth.”
Ponderosa Ranch is a 272-unit, garden-style multifamily community built in 1983. The other three apartment communities included Omnia on 8th and Omnia McClintock in Tempe and Palm Trails in Chandler.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.