PHOENIX, AZ - Colliers International in Greater Phoenix recently completed the sale of the 468-unit, Class C Willow Springs Apartments in Phoenix for $13.25 million or $28,312 per unit ($42.66 per square foot).
Resort on 27th LLC of Los Angeles purchased the property, located at 4715 N. 27th Avenue, from MLCFC 2007-7 North 27th Avenue LLC of Miami Beach, Florida.
Bill Hahn, Jeffrey Sherman, and Trevor Koskovich, executive vice presidents with Colliers International’s HSK Multifamily Southwest Team, represented both buyer and seller.
Built in 1986, the apartment community consists of 14 three-story buildings constructed on a rectangular-shaped site, situated on 13 acres. The property is north of Indian School Road, south of Glenrosa Avenue and west of the I-17.
Within 310,596 square feet of living space, the unit mix is 252 one bedroom/one bath, 108 two bedroom/one bath and 108 two bedroom/two bath apartments.
Unit amenities include walk-in closets, dishwashers, storage rooms and private balconies/patios. Common amenities at Willow Springs include a swimming pool, spa, laundry facility, fitness center, playground and 468 covered parking spaces, plus 280 additional open spaces.
A separate rental office and clubhouse are located at the west end of the property with visibility along 27th Avenue.
The frame and stucco buildings feature brick veneer and siding accents with pitched composition shingle roofs.
Colliers HSK Multifamily Southwest uses the extensive resources of Colliers International to assist in debt placement, investment sales and appraisal services. The team achieves a high market share of multifamily asset sales by ensuring strong and efficient systems are in place for the marketing, acquisition, and disposition of properties. This superior service makes Colliers HSK Multifamily Southwest a leader in Arizona, New Mexico, Nevada and Texas.
To view the Colliers HSK Multifamily Southwest team’s current offerings, visit www.colliershskmultifamily.com.
About Colliers International: Colliers International is a global leader in commercial real estate services, with more than 16,300 professionals operating out of 502 offices in 67 countries. A subsidiary of FirstService Corporation, Colliers International delivers a full range of services to real estate occupiers, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. Colliers International has been recognized and ranked by the International Association of Outsourcing Professionals’ Global Outsourcing 100 for 10 consecutive years, more than any other real estate services firm. Colliers International in Greater Phoenix has served clients locally and globally for 35 years. For the latest news from Colliers International, visit Colliers.com, or follow us on Twitter: @ColliersIntl and LinkedIn