Residents of Alexan Bella Vista will now be reporting to new management after their rental townhouse community was sold earlier this month for $27.7 million. CB Richard Ellis, a real estate service firm, represented Trammell Crow Residential of Phoenix in the sale to SW Multifamily Portfolio of Seattle, according to a press release from CB Richard Ellis’ spokeswoman Katherine Haug.
The 163-unit, upscale townhome hub, 7677 W. Paradise Lane (southeast of Bell Road and Loop 101), was built to sell, according to Tyler Anderson, who helped broker the deal. “In the apartment world, there are merchant builders. They build it and sell it right away,” Mr. Anderson said. “It’s an ongoing process for them.” Mr. Anderson said the unit was an easy sell. “It’s 100 percent townhomes, all with direct outdoor access and garages,” Mr. Anderson said.
According to Ms. Haug, the townhomes include nine-foot ceilings, crown molding, full-sized washer and dryer in all residences, ceiling fans, brushed chrome accents, cherry cabinetry and faux granite countertops. Upgrades include gas fireplaces, Roman soaking tubs and kitchen islands.
The club house features a Starbucks cyber-café. ”The first buildings at Alexan Bella Vista were delivered in July 2006, with the balance completed in April 2007,” Ms. Haug stated. “The property was 75 percent occupied at the time of sale.” Mr. Anderson said it is common for apartment complexes to be bought by out-of-state companies. “Most apartment buildings in Phoenix aren’t owned by people who live here,” Mr. Anderson said.
To market the townhome, Mr. Anderson said they contacted their client list about the listing. “A lot of people who own apartments, they buy more than one,” Mr. Anderson said. “We recently dealt with this group on another property.” He said while the business is in Seattle, Wash., the apartments would have Valley management. The buyer also owns a management company, Pillar Communities, in Scottsdale.
Rental prices on the complex range from $985 per month (one bedroom, one bathroom) to $1525 (three bedrooms, three bathrooms) per month. As of the Independent’s press time, no changes in rates have been set under the new ownership. The rental costs are higher than other complexes in the Bell Road corridor, but not by much. According to the Web site, www.apartments.com, Arrowhead Landing apartment complex, 15740 North 83rd Ave., charges $785-$1,225 per month for rent.
Further north at Sonoma Ridge, 8201 W. Beardsley Road, apartments rent for $ $785-$1,240 per month. In South Peoria, rates are lower. Cedar Meadows, 8560 W. Peoria Ave., rents apartments at a rate of $625-$650 per month. Rates may increase in South Peoria, as upscale developments are slated near the University of Phoenix stadium at the city’s south border.
Source: NewsZap.com