Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Trailside at Hermosa Pointe, a 336-unit multifamily asset in Phoenix, Arizona. The property traded for $91 million, or $270,833 per unit.
“Trailside at Hermosa Pointe is located within the dense employment base and thriving urban culture of North Central Phoenix in a submarket where no new multifamily assets of 100 or more units have become available since 2000,” said Steve Gebing, IPA executive managing director. “The acquisition gives new ownership the prospect of a blank canvas value-add opportunity that is supported by the competitive shelter of state preserve land and the steep grades of the surrounding mountain terrain.” Gebing and IPA executive managing director Cliff David represented the seller, Weidner Apartment Homes and procured the buyer, Knightvest Capital.
The property is located at the base of the North Mountain Preserve along Seventh Street, which connects with Arizona State Route 101 and Interstate 10, providing access to economic developments such as Central Park, the Metrocenter Mall redevelopment, Cavasson, and the Taiwan Semiconductor Manufacturing Company’s new fabrication plant. Affluent residential areas such as the Pointe Tapatio master-planned community and Uptown Phoenix are within proximity.
Trailside at Hermosa Pointe is a garden-style property built in 1984 on nearly 12 acres. Apartments have full-size washers and dryers, wood-style vinyl flooring, carpet, and Saltillo tile entryways and accents. Units also have oversized walk-in closets, private patios or balconies, and fireplaces. Common area amenities include three swimming pools, a two-story leasing office and clubhouse, a 24-hour fitness center with cardio- and weight-training equipment, a shaded community playground, and covered parking.