PHOENIX, AZ - 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 Paradise Foothills located at 12231 N. 19th Avenue in Phoenix. Phoenix-based principal, Brad Goff, and senior vice president, David Lord, represented the seller in the $10.5 million transaction. Paradise Foothills is an attractive 180-unit apartment community nestled close to beautiful North Mountain Preserve in Phoenix.
According to Brad Goff, “The Paradise Foothills offering was very active, as evidenced by the full price closing. The market recognized the value to replacement cost, improving operations, strong location and benefit of a ‘value add’ opportunity. Paradise Foothills will continue to serve this submarket well and will benefit greatly from the improving Phoenix fundamentals.”
Paradise Foothills was purchased by a company formed by El Dorado Holdings, Inc. of Phoenix, (Mike Ingram, chairman). This acquisition adds to an existing El Dorado Holdings portfolio consisting of 356 apartment units in two Valley communities. The seller in the transaction was a company formed by the Registered Holders of Wachovia Bank Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates Series 2007-C30. The special servicer in the transaction was CWCapital Asset Management of Bethesda, Maryland.
Sold for its $10.5 million asking price, Paradise Foothills is a well-maintained, gated community constructed in 1985. Set on 8.58 acres near the scenic North Mountain Preserve, Paradise Foothills’ 15 garden-style buildings are accentuated by lush landscaping, two resort-style pools and a spa. Ramadas and picnic areas with barbeque grills create additional outdoor entertainment opportunities. A business center and two laundry facilities offer extra convenience for residents. Interiors have individual climate controls, energy-efficient dual pane windows, all-electric kitchens and beautiful mountain views. Priced below replacement cost, Paradise Foothills is a well maintained community both in terms of location and the comfortable lifestyle it offers.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Brad Goff goff@ARAusa.com or David Lord dlord@arausa.com
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 has resulted in average annual production volume of $5.5 billion in real estate transactions since 2005. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com