PHOENIX, AZ—Newmark Grubb Knight Frank (NGKF) has negotiated the $10.3 million sale of Vista Ventana Apartments, a 16-building, nine-acre community in Phoenix. NGKF Capital Markets Managing Directors Karl Abert, Sally Schwenn and Brad Pickering represented the seller El Camino Vista, and the buyer B.H. Vista Ventana, in closing the all-cash transaction in less than 21 days.
A conventional REO property, the 275-unit, multifamily complex at 3221 W. El Camino Drive was built in 1982 and is conveniently proximate to light rail serivce and Interstate 17. Amenities include controlled access, two swimming pools and spas, gas barbecues with ramadas, two laundry facilities, ample covered parking and a stand-alone rental office.
“A recent unit-by-unit rehab was instituted over the past six months, enhancing the future value of the community in this rejuvenated submarket,” said Mr. Abert.
“The buyer plans on continuing the repositioning project and will hold the property as a long-term investment in its portfolio. This stabilized community is in a great location within a strong employment corridor,” stated Ms. Schwenn.
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