DENVER, CO - Continental Realty Advisors (CRA), a Denver-based owner of multifamily communities nationwide, announced the sale of the 368-unit Courtney Village Apartments in Phoenix for $62.25 million. CRA improved the property with practical upgrades to common areas and amenities, as well as a light renovation to most of the units.
“Much of our success with Courtney Village was utilizing decades of market experience in Phoenix where CRA has participated in ownership of over 3,700-units since 1991. Within the high-growth Central Phoenix submarket, we focused on practical improvements to the property and unit interiors. These improvements were well received by our residents,” said David Snyder, chairman of CRA. “We were pleased with a successful period of ownership of Courtney Village. We continue to see opportunity in Phoenix and expect to add additional investments to our existing Phoenix multifamily portfolio.”
Sold in March 2019, the 368-unit Courtney Village Apartments in Phoenix is conveniently located near the Loop 202 close to Papago Park, a local landmark of 1,500+ acres that features a major developing employment center, the Phoenix Zoo, Desert Botanical Garden and a wide array of recreational facilities. The property’s central location – nearly 500,000 jobs are within a 15-minute commute of the property – and direct transportation access helped maintain high occupancy rates on the property. The property underwent renovations to the clubhouse/leasing center, fitness center, and pool area. CRA also implemented a light unit renovation program that consisted of upgraded flooring, appliances, countertops, lighting fixtures and plumbing fixtures.
Constructed in 2002, the property was originally acquired by CRA in partnership with HQ Capital in June 2016 and was managed for two-and-a-half years by Greystar Property Management.
“CRA remains an active investor in multifamily properties nationwide, with a strong emphasis on Phoenix,” said Robert Ireland, director of acquisitions for CRA. “We believe strongly in the Phoenix market and will continue to aggressively pursue additional investments, as represented by CRA’s two acquisitions totaling 648 units in 2018.”
Since December 2018, CRA has sold four multifamily properties totaling in excess of 1,400 units located within four markets across the country. The total sale price of these four assets was in excess of $200 million, which represents a substantial gain to CRA investors over the average hold period of three-and-a-half years.