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.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world's leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.