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Phoenix Value-Add Multifamily Becomes Increasingly Scarce
As value-add multifamily becomes more difficult to find, one asset fit that description to a T. Mountain View Casitas, a 146-unit apartment community located at 1130 E. Grovers Ave. in Phoenix, was recently acquired by Los Angeles-based Marble Partners Management LLC for $31.2 million. The seller was San Diego-based MV Casitas LLC.
David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the transaction.
“Mountain View Casitas provided the buyer the opportunity to acquire a well-located multifamily community that had not been previously renovated. Those types of assets are becoming harder to find in Phoenix,” said Fogler.
Mountain View Casitas is a two-story apartment community originally built in the mid-1980s that consists of all two-bedroom/two-bathroom units of 904 and 964 square feet in multiple floorplans. The units feature private balconies, washers and dryers, and fireplaces.
The location provides freeway accessibility to Loop 101, I-17 and SR-15 as well as transportation services, and is also near parks, shopping, restaurants and other entertainment in the Phoenix area.
- ◦Sale/Acquisition
