Phoenix, AZ - The Phoenix office of Atlanta-headquartered ARA, the largest privately held, full-service investment advisory firm in the nation focusing exclusively on the multihousing industry, announces the sale of Desert Sky Village, a 274-unit REO community in Phoenix, AZ.
The ARA team of Brad Goff, Principal, David Lord, Senior Vice President and Ryan Ash, Senior Associate, represented the seller, Indiana-based First Financial Collateral Inc. in the $6,950,000 transaction. The garden-style, C+ REO property was acquired by Los Angeles, California-based CalCap Advisors, a real estate investment and advisory firm that partners with others to reposition distressed real estate and add value for stakeholders and communities. The new loan will be held by Interamerican Investments, Inc.
“The Desert Sky transaction represents an excellent ‘value-add’ opportunity in the Phoenix market,” said Brad Goff. “The extremely low price-per-unit of just over $25,000 will allow for significant capital appreciation for the new buyer.”
Desert Sky Village’s location offers residents great visibility and street frontage plus proximity to major transportation arteries I-10 and I-17. Constructed in 1985, the property features attractive interior and exterior amenities as well as private patios or yards with some units.
Occupancy at the time of the sale was 91%.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at [email protected], 404.990.4900 or Amy Morris at [email protected], 404.990.4902; locally, Brad Goff [email protected]or David Lord [email protected].
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions.ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace resulted in an annual production volume of $9.5 billion in real estate transactions in 2012. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com.