Puesta Del Sol, a 128-unit apartment complex located at 8818 S. Central Avenue in Phoenix, Arizona, has sold for $8,725,000. The buyer was Urban Communities, a real estate development and redevelopment company that focuses on the creation and renovation of urban infill sustainable communities. The seller was Familia de Tres, LLC, a real estate investment partnership. Kidder Mathews’ multifamily investment broker, Karl Abert, represented both parties in the transaction.
The fully leased complex consists of two three-story buildings equaling 61,975 rentable square feet along with two adjacent vacant land parcels totaling 60,636 square feet. It is part of the South Mountain Village submarket in Phoenix and will benefit from the future South-Central Avenue Light Rail.
The South Mountain Village submarket is currently lacking in well managed and affordable rental housing. Puesta Del Sol is a socially conscience “value-add” opportunity. Urban Communities and Shelton Cook Property Management plan to make improvements to the property and to enhance the current community services. Over the past 36 months, single-family residential construction along with business growth in South Mountain Village and the Phoenix Baseline Road corridor have attracted young families and first-time home buyers to the area.
“The Urban Communities partners are very enthusiastic to acquire the 128-unit Puesta Del Sol apartments and execute their proven, innovative, and award-winning multifamily community transformation. The greater Phoenix South Mountain Village will be significantly enhanced and improved by another distinguished Urban Communities multi-residential community,” said Abert.