PHOENIX, AZ - Minneapolis based apartment owner, manager, and developer has purchased the 213 unit Terrace Park Apartments at 8130 W. Indian School Road in Phoenix, AZ for $5,775,000.
Dominium purchased Terrace Park Apartments from Blue Valley Apartments of West Palm Beach, Florida which had recently foreclosed on the property. Dominium's all cash offer was selected from amongst a field of prospective buyers by Blue Valley. Dominium had recently closed on another Blue Valley multi-family complex in Georgia so buyer and seller were already comfortable working with each other.
In addition to the $27,113 per unit purchase price, Dominium intends to invest significant additional capital to renovate and upgrade the property and hold the property in its portfolio.
Dominium was represented by Victor Allison and Joe Holeva of PRAEDIUM Advisors. The seller was represented by Mark Forrester, Ric Holway, and Chuck LaBenz of Hendricks & Partners.
"Although Dominium has been in the multi-family business for over 40 years, we're new to Arizona", said Mark Sween, vice president and acquisition manager for Dominium. "PRAEDIUM Advisors had a laser-focus on our acquisition criteria and quickly found us several prospective properties. We ultimately settled on Terrace Park because it was exactly in the bulls-eye of the type of property we like to buy. We'll continue to work with PRAEDIUM Advisors on additional acquisitions".
Dominium's current portfolio boasts in excess of 6,000 units developed, 9,000 units acquired, and 4,000 fee managed units for a total of over 19,000 apartments owned and managed nationwide. Privately held Dominium is actively seeking additional opportunities in Arizona.
If you would like more information about this topic, or to schedule an interview with Victor Allison, please call him at 602.320.6200 or email him at victora@praedium-advisors.com