Montego Bay Apartments, a 192-unit complex located at 409 S. Lenzner Avenue in Sierra Vista, Arizona, has sold for $13,912,500. The seller was CW Capital Commercial Real Estate Services, a loan servicing company that provides maximization services and solutions for their clients throughout the investment cycle. The buyer was DLP Capital Partners, a single-family development and private investment group. Kidder Mathews commercial real estate brokers, Karl Abert and Darren Tappen, represented the seller in the transaction.
Constructed in 1997, Montego Bay Apartments consist of 12 two-story apartment buildings, equaling 134,288 rentable square feet. The community is situated on 9.02 acres of land, centrally located in Sierra Vista with convenient access to public transportation, restaurants, retail, and many other amenities. The units are exceptionally large, and it is considered the best value, B+ quality, multifamily community in the market. The apartment complex was 99 percent occupied at the time of sale.
Montego Bay was a rare Real Estate Owned (REO) sale on behalf of CW Capital, the loan servicer administering the underlying loan maturity default. The community’s REO status generated a substantial number of investors. There were 11 registered bidders from coast to coast, and the winning bid was above the reserve price.
“DLP Capital Partners value the unique opportunity to substantially renovate and reposition this well-located apartment community within a supply and demand constrained rental marketplace,” said Abert.
