Distressed markets are my favorite kinds of markets...
Transwestern today announced it brokered the sale of The Canyons, a 629-unit community at 19940 North 23[SUP]rd[/SUP] Avenue in Phoenix. An entity formed by Alliance Residential Co. purchased the property for $50 million, or approximately $80,000 per unit. It was sold by Denver-based Continental Realty Advisors, which purchased the property in 2010 for $45.5 million and infused $1.3 million of capital into The Canyons, while boosting its occupancy rate from 63 percent in 2010 to a remarkable 94 percent at the time of the transaction's closing.
"This sale marks a truly positive transition in the fortunes of The Canyons," said Drowns. "It had been purchased in 2006 for more than $80 million...
Phoenix Multifamily Sector Continues to Grow With $50 Million Sale of The Canyons,... -- PHOENIX, Jan. 16, 2013 /PRNewswire/ --
Transwestern today announced it brokered the sale of The Canyons, a 629-unit community at 19940 North 23[SUP]rd[/SUP] Avenue in Phoenix. An entity formed by Alliance Residential Co. purchased the property for $50 million, or approximately $80,000 per unit. It was sold by Denver-based Continental Realty Advisors, which purchased the property in 2010 for $45.5 million and infused $1.3 million of capital into The Canyons, while boosting its occupancy rate from 63 percent in 2010 to a remarkable 94 percent at the time of the transaction's closing.
"This sale marks a truly positive transition in the fortunes of The Canyons," said Drowns. "It had been purchased in 2006 for more than $80 million...
Phoenix Multifamily Sector Continues to Grow With $50 Million Sale of The Canyons,... -- PHOENIX, Jan. 16, 2013 /PRNewswire/ --
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