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 Villa Encanto Apartment Homes located at 4315 East Thunderbird Road in Phoenix. Phoenix-based Principal, Brad Goff, and Senior Vice President, David Lord, represented the seller in the $30.1 million transaction. Villa Encanto is a beautifully maintained garden-style 385-unit apartment community located in the North Paradise Valley submarket of Northeast Phoenix.
According to ARA’s Brad Goff, “The Villa Encanto apartments will continue to perform well in this market. The property is ‘infill’ serving the Paradise Valley submarket with a high quality of living, at an affordable price. The investment community was very interested in this property as reflected in the ‘over list’ closing price. The Villa Encanto was recognized by buyers as being priced well below replacement cost, highly occupied, well maintained and it affords the investor with the opportunity to increase rental rates in the near future. ”
Villa Encanto 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 536 units in three Valley communities. The seller in the transaction was Equity Residential. The acquisition was financed through ARA’s debt platform, ARA Finance – a joint venture of ARA and Needham, MA-based CWCapital.
Villa Encanto, a well-maintained, gated community, sold for above its $30 million asking price. Constructed in 1984, the community is set on 20.86 acres and is conveniently located just a mile east of State Route 51 and within walking distance of Paradise Valley Mall.
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