SUCCESS
$20,300,000 OR $230,682/UNIT
THE GALLERY APARTMENTS
1655 E SOUTHERN AVE., TEMPE AZ
88 UNITS
SOLD ON MARCH 27TH, 2023
The Gallery Apartments was recently sold to a LA-based syndication group for $20,300,000 or $230,682 per unit. The 1971 constructed garden-style rental community was 96% occupied at the time of the sale. The property was acquired in April 2018 for $10,000,000.
$8,440,000 OR $159,890/UNIT
THE MARLOWE APARTMENTS
2950 N 46TH STREET, PHOENIX AZ
53 UNITS
SOLD ON JUNE 26TH, 2023
The Marlowe Apartments was recently sold to a Canadian-based syndication group for $8,440,000 or $159,890 per unit. The 1968 constructed garden-style rental community was 92% occupied at the time of the sale. The property was acquired in April 2019 for $5,600,000.
$42,000,000 OR $225,806/UNIT
SPRING APARTMENTS
2015 W CACTUS RD., PHOENIX AZ
186 UNITS
SOLD ON MARCH 30TH, 2023
Spring Apartments was recently sold to a Phoenix-based syndication group for $42,000,000 or $225,809 per unit. The 1984 constructed garden-style rental community was 96% occupied at the time of the sale. The property was acquired in May 2016 for $13,805,000.
$21,800,000 OR $151,360/UNIT
ELEVATE APARTMENTS
550 S CAMINO SECO RD., TUCSON AZ
144 UNITS
SOLD ON NOVEMBER 10TH, 2022
Elevate Apartments was recently sold to a California based investor for $21,800,000 or $151,360 per unit. The 1985 constructed, 144-unit, Class B, garden-style rental community features two elevators and was acquired by Living Well Homes in May 2019 for $10,500,000. The property is located on Camino Seco just south of Broadway in Eastern Tucson.
$9,300,000 OR $83,035/UNIT
EDEN APARTMENTS QUAIL CANYON)
2045 S MCCLINTOCK, TEMPE AZ
112 UNITS
ACQUIRED ON JUNE 19 2015
A 112-unit, Class B, garden-style rental community located in Tempe AZ. The Property was built in 1980 and is located only a few miles from Arizona State University and its 70,000 student population. The property has undergone significant renovations and was rebranded as Eden Apartments.
$31,000,000 OR $250,000/UNIT
BROOKFIELD APARTMENTS
12021 N 43rd AVENUE, PHOENIX AZ
124 UNITS
SOLD ON SEPTEMBER 29th, 2022
Brookfield Apartments recently sold to a local active syndication group, for $31,000,000 or $250,000 per unit. The 1984 constructed, 124-unit, Class B, garden-style rental community was acquired in September 2012 for $5,6500,000. The property is located on 43rd Avenue and Cactus Road in North Phoenix and will be rebranded as Rise on Cactus by its new owners.
$42,500,000 OR $152,330/UNIT
EASTYN PARK APARTMENTS
6821 E BROADWAY, TUCSON AZ
279 UNITS
SOLD ON NOVEMBER 17TH, 2022
Eastyn Park Apartments was recently sold to the owner of the neighboring apartment community for $42,500,000 or $152,330 per unit. The 1973 constructed, 279-unit, Class B, garden-style rental community was acquired in May 2019 as an bank-owned REO for $17,475,000. The property is located on Broadway Boulevard and Jessica in Eastern Tucson.
$34,150,000 OR $161,848/UNIT
LAKESIDE PLACE APARTMENTS
15 VILLA ROAD, GREENVILLE, SC
112 UNITS
SOLD ON OCTOBER 31ST, 2022
Lakeside Place Apartments was recently sold to a California based non-profit housing investment group for $34,150,000 or $161,848 per unit.The property was built in 1983 and sits on 14.7 acre site with a lake. The property was acquired by Living Well Homes in 2013 through an REO sale after a foreclosure in 2012. The property was 96% occupied at the time of the sale.
$31,000,000 OR $146,226/UNIT
IVY APARTMENTS
151 CENTURY DR, GREENVILLE, SC
212 UNITS
SOLD ON JANUARY 22ND, 2023
Ivy Apartments was recently sold to a non-profit housing investment group for $31,000,000 or $146,226 per unit. The 1974 constructed, 212-unit, Class B, garden-style rental community features 72 one-bedroom units, 132 two-bedroom units and 8 three-bedroom units. The property was acquired by Living Well Homes in May 2014 for $11,500,000.
$21,800,000 OR $151,360/UNIT
ELEVATE APARTMENTS
550 S CAMINO SECO RD., TUCSON AZ
144 UNITS
SOLD ON NOVEMBER 10TH, 2022
Elevate Apartments was recently sold to a California based investor for $21,800,000 or $151,360 per unit. The 1985 constructed, 144-unit, Class B, garden-style rental community features two elevators and was acquired by Living Well Homes in May 2019 for $10,500,000. The property is located on Camino Seco just south of Broadway in Eastern Tucson.
$26,500,000 OR $236,607/UNIT
EDEN APARTMENTS
2045 S MCCLINTOCK, TEMPE AZ
112 UNITS
SOLD ON JANUARY 31ST, 2023
Eden Apartments was recently sold to a Phoenix-based syndication group for $26,500,000 or $236,607 per unit. The 1980 constructed garden-style rental community was 96% occupied at the time of the sale. The property was acquired in June 2015 for $9,300,000.
$31,500,000 OR $233,333/UNIT
GLENRIDGE APARTMENTS
13610 N 51st AVE, GLENDALE AZ
135 UNITS
SOLD ON SEPTEMBER 22nd, 2022
Glenridge Apartments recently sold to a California based group, for $31,500,000 or $233,333 per unit. The 1985 constructed, 135-unit, Class B, garden-style rental community was one of Living Well Homes initial purchases in the Phoenix market in November of 2011 for $5,700,000. The property is located on 51st Avenue and Thunderbird Road in North Glendale.
$55,000,000 OR $316,092/UNIT
SOFIA APARTMENTS
208 E BASELINE RD., PHOENIX AZ
174 UNITS
SOLD ON AUGUST 24th, 2022
Sofia Apartments recently sold to a California based group, for $55,000,000 or $316,092 per unit. The 1979 constructed, 174-unit, Class B, garden-style rental community was originally acquired by Living Well in August 2018 for $22,250,000. The property is located on Baseline Road and Mill Avenue in South Tempe.Tempe.
$20,050,000 OR $267,333/UNIT
ESCONDIDO APARTMENTS
4422 N 36TH STREET, PHOENIX AZ
75 UNITS
SOLD ON MARCH 1st, 2022
Escondido Apartments recently sold, for $20,050,000 or $267,333 per unit. The 1979 constructed, 75-unit, Class C, garden-style rental community was originally acquired by Living Well in May of 2011 for $2,565,000. The property is located on 36th Street south of Camelback in the Arcadia Lite district and features 4 x studios and 71 x 1 Bed/1 Ba units.
PRICE NOT DISCLOSED
RAINBOW RIDGE APARTMENTS
3550 RAINBOW, KANSAS CITY, KS
150 UNITS
ACQUIRED ON JANUARY 31ST, 2022
A 150-unit, Class B+, garden-style rental community located in Kansas City, KS across from KU Medical Center. The KU Medical Center provides world-class patient care and is home to the University of Kansas schools of medicine, nursing, and health professions. 3,800 students and 4,800 faculty. The community features a unit mix of one and two bedroom apartment floor plans with rents well bellow market that will be renovated.
PRICE NOT DISCLOSED
SUNNYSIDE GARDEN APARTMENTS
806 NE SUNNYSIDE SCHOOL RD., BLUE SPRINGS (KANSAS CITY), MO
293 UNITS
ACQUIRED ON AUGUST 19th, 2021
A 293-unit, Class B+, garden-style rental community located in Blue Springs, MO a desirable community just east of Kansas City with strong demographics. The Property was acquired from the original developer's family who built the property in 1987. The rental community features a unit mix of one, and two bedroom apartment floor plans as well as 24 stand-alone townhomes. The property will be completely renovated and re-branded shortly.
$26,726,000 OR $161,000/UNIT
CASCADA DEL SOL APARTMENTS
1502 W GLENDALE AVE., PHOENIX, AZ
166 UNITS
SOLD ON JUNE 22nd, 2021
Cascada del Sol Apartments recently sold, for $26,726,000 or $161,000 per unit. The 1974 constructed, 166-unit, Class C, garden-style rental community was originally acquired by Living Well in March of 2012 for $3,202,000. The property is located on Glendale Avenue and 15th Avenue and features 54 x studios, 67 x 1 Bed/1 Ba, 29 x 2 Bed/1 Ba, 16 x 2 Bed/2 Ba.
PRICE NOT DISCLOSED
TREEHOUSE APARTMENTS
4610 EUBANK BLVD NE, ALBUQUERQUE, NM
243 UNITS
ACQUIRED ON DECEMBER 9th, 2020
A 243-unit, Class B+, garden-style rental community located on Eubank Boul. and Montgomery in the sought after northwest section of Albuquerque. The Property was built in 1984 and features a unit mix of studios, one, and two bedroom floor plans. The property will be completely renovated and re-branded shortly.
$53,000,000 OR $138,020/UNIT
COLTER PARK APARTMENTS
909 W COLTER, PHOENIX AZ
384 UNITS
SOLD ON FEBRUARY 28 2020
Acquired in June of 2014 as an REO, Colter Park was recently sold for $53m representing a $25.7m appreciation for LWH investors.
The 384-unit, Class B, garden-style rental community is master metered as is well located near Camelback and 7th Avenue.
$26,726,000 OR $161,000/UNIT
PRISMA APARTMENTS (CAMINO REAL)
3305 CALLE CUERVO, ALBUQUERQUE, NM
248 UNITS
ACQUIRED ON FEBRUARY 12th, 2020
A 248-unit, Class B+, garden-style rental community located in one of Albuquerque's most sought after neighborhoods in the northwest. The Property was built in 1996 and features 9' ceilings. The unit mix features one, two, and three bedroom floor plans. The property will be completely renovated and re-branded shortly.
PRICE NOT DISCLOSED
THE OVERLOOK APARTMENTS
6200 EUBANK BLVD NE, ALBUQUERQUE, NM
344 UNITS
ACQUIRED ON JANUARY 30th, 2020
A 344-unit, Class B+, garden-style rental community located in one of Albuquerque's most sought after neighborhoods in the northeast. The Property was built in 1988 and features a mix of one and two bedroom floor plans. The property will be completely renovated shortly.
$11,000,000 OR $76,388/UNIT
ELEVATE APARTMENTS (CROWN VILLAS)
550 SOUTH CAMINO SECO, TUCSON AZ
144 UNITS
ACQUIRED ON MAY 1ST, 2019
A 144-unit, Class B, garden-style rental community located in Tucson. The Property was built in 1985 and features an elevator. The property will be completely renovated and re-branded shortly.
$5,600,000 OR $101,818/UNIT
THE MARLOWE APARTMENTS (FORMERLY DESERT FLORA)
2950 N 46TH STREET, PHOENIX, AZ
53 UNITS
ACQUIRED ON APRIL 3RD, 2019
A 53-unit, Class B, garden-style rental community located in Arcadia district of Phoenix. The Property was built in 1968 and features studio, one and two bedroom floor plans. The was leased on a month to month basis considerably below market rent. The property will be completely renovated and rebranded The Marlowe.
$17,062,000 OR $67,612/UNIT
EASTYN PARK APARTMENTS (FORMERLY KIMBERLY WOODS)
6821 E BROADWAY BLVD, TUCSON AZ
279 UNITS
ACQUIRED ON DECEMBER 20TH, 2018
A 279-unit, Class B, garden-style rental community located in Tucson, AZ. The Property was built in 1973 and features studio, one and two bedroom floor plans. The property is Living Well Homes first acquisition in the Tucson market.
$22,250,000 OR $128,612/UNIT
SOFIA APARTMENTS (FORMERLY WILSHIRE PINES)
208 E BASELINE AVENUE, TEMPE AZ
173 UNITS
ACQUIRED ON AUGUST 23RD, 2018
A 173-unit, Class B, garden-style rental community located in Tempe, AZ. The Property was built in 1980 and features one and two bedroom floor plans. The property is located near our sister property Eden Apartments as well as The Gallery.
$10,000,000 OR $113,636/UNIT
THE GALLERY APARTMENTS (FORMERLY SOUTHERN GARDENS)
1655 E SOUTHERN AVENUE, TEMPE AZ
88 UNITS
ACQUIRED ON APRIL 5TH, 2018
A 88-unit, Class B, garden-style rental community located in Tempe, AZ. The Property was built in 1971 and features two and three bedroom floor plans. The property is located near our sister property Eden Apartments. The property will undergo renovations shortly and be re-branded as the Gallery Apartments.
$20,500,000 OR $85,417/UNIT
HUNTSVIEW APARTMENTS
3901 BATTLEGROUND AVE., GREENSBORO NC
240 UNITS
ACQUIRED ON SEPTEMBER 19TH, 2017
A 240-unit, Class B, garden-style rental community located in Greensboro, NC. The Property was built in 1987 and is located near our sister properties Ashley Oaks and Edwater Village. The property will undergo renovations shortly.
$2,675,000 OR $89,166/UNIT
MOUNTAIN VIEW CONDO APARTMENTS
425 E BROWN ROAD, MESA AZ
30 UNITS
SOLD ON AUGUST 10, 2016
A two-story, Class B, concrete constructed apartment complex that was completely renovated and converted to condominiums in 2008. The property features: granite counter tops, stainless steel appliances, individual in-suite washer and dryers, as well as individually metered utilities. The property was 100% occupied at the time of sale. The California based buyer was in a 1031 exchange.
$13,805,000 OR $74,220/UNIT
SPRING APARTMENTS (FORMERLY REDWOOD PLACE)
2015 W CACTUS ROAD, PHOENIX AZ
186 UNITS
ACQUIRED ON MAY 18TH, 2016
A 186-unit, Class B, garden-style rental community located in Phoenix AZ. The Property was built in 1984 and is located adjacent to the North Mountain Preserve and also near Interstate 17 which runs to downtown Phoenix. The property will undergone significant renovations and be rebranded.
$16,600,000 OR $65,873/UNIT
ASHLEY OAKS APARTMENTS
407 GUILFORD COLLEGE RD, GREENSBORO NC
252 UNITS
ACQUIRED ON OCTOBER 21, 2015
A 252-unit, Class B, garden-style rental community located in Greensboro, NC. The Property was built acquired vis auction.com and has undergone significant renovations.
$14,700,000 OR $64,700/UNIT
AZUL APARTMENTS (FORMERLY MISSION SHADOWS)
8111 N 19TH AVENUE, PHOENIX AZ
227 UNITS
ACQUIRED ON OCTOBER 16TH, 2015
A 227-unit, Class B, garden-style rental community located in Phoenix AZ on 19th Avenue light-rail line. The Property was built in 1986 and is located adjacent a major Albertson-grocery anchored mall and also near Interstate 17. The property underwent significant renovations and was rebranded.
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$9,300,000 OR $83,035/UNIT
EDEN APARTMENTS (FORMERLY QUAIL CANYON)
2045 S MCCLINTOCK, TEMPE AZ
v112 UNITS
ACQUIRED ON JUNE 19 2015
A 112-unit, Class B, garden-style rental community located in Tempe AZ. The Property was built in 1980 and is located only a few miles from Arizona State University and its 70,000 student population. The property has undergone significant renovations and was rebranded as Eden Apartments.
$27,300,000 OR $71,093/UNIT
COLTER PARK APARRTMENTS
909 W COLTER, PHOENIX AZ
384 UNITS
ACQUIRED ON JUNE 19 2014
A 384-unit, Class B, garden-style rental community located in central Phoenix AZ on the light-rail line. The Property was built in 1972 and underwent significant renovations by the bank after it was foreclosed on. The property has undergone additional renovations to its leasing office, clubhouse, pools and apartment interiors.
$14,700,000 OR $64,700/UNIT
AZUL APARTMENTS (FORMERLY MISSION SHADOWS)
8111 N 19TH AVENUE, PHOENIX AZ
227 UNITS
ACQUIRED ON OCTOBER 16TH, 2015
A 227-unit, Class B, garden-style rental community located in Phoenix AZ on 19th Avenue light-rail line. The Property was built in 1986 and is located adjacent a major Albertson-grocery anchored mall and also near Interstate 17. The property underwent significant renovations and was rebranded.
$9,300,000 OR $83,035/UNIT
EDEN APARTMENTS (FORMERLY QUAIL CANYON)
2045 S MCCLINTOCK, TEMPE AZ
112 UNITS
ACQUIRED ON JUNE 19 2015
A 112-unit, Class B, garden-style rental community located in Tempe AZ. The Property was built in 1980 and is located only a few miles from Arizona State University and its 70,000 student population. The property has undergone significant renovations and was rebranded as Eden Apartments.
$27,300,000 OR $71,093/UNIT
COLTER PARK APARRTMENTS
909 W COLTER, PHOENIX AZ
384 UNITS
ACQUIRED ON JUNE 19 2014
A 384-unit, Class B, garden-style rental community located in central Phoenix AZ on the light-rail line. The Property was built in 1972 and underwent significant renovations by the bank after it was foreclosed on. The property has undergone additional renovations to its leasing office, clubhouse, pools and apartment interiors.
$11,450,000 OR $54,009/UNIT
THE IVY (FORMERLY MAGNOLIA RUN) 151 CENTURY DRIVE, GREENVILLE SC
212 UNITS
ACQUIRED ON MAY 21, 2014
A 214-unit, Class B, garden-style rental community located in Greenville SC. The Property was built in 1983 and was purchased in an auction. The property has undergone significant renovations and was rebranded as The Ivy.
$5,500,000 OR $48,246/UNIT
BLOOM 24 APARTMENTS (FORMERLY BILTMORE VISTA TOWNHOMES)
2323 E FLOWER STREET, PHOENIX AZ
114 UNITS
ACQUIRED ON DECEMBER 2, 2013
A 114-unit, Class B, garden-style rental community located only 1 mile south of the Biltmore Fashion Square off 24th Street. The Property was built in 1973 and will undergo significant renovations and was rebranded as Bloom 24.
$7,822,000 OR $36,551/UNIT
LAKESIDE PLACE (FORMERLY MALLARD COVE)
15 VILLA ROAD, GREENVILLE SC
214 UNITS
ACQUIRED ON OCTOBER 25TH, 2013
A 214-unit, Class B, garden-style rental community located in Greenville SC. The Property was built in 1983 and was purchased in an auction. The property has undergone significant renovations and was rebranded as Lakeside Place.
$19,500,000 OR $57,864/UNIT
CORAL POINT APARTMENTS
2343 W MAIN STREET, MESA AZ
337 UNITS
ACQUIRED ON FEBRUARY 15, 2013
A 337-unit, Class B, 24 building garden-style rental community located on the light-rail line in Main Street and S Roosevelt Road in Mesa. Property was built in 1986 and was 92% occupied at the time of the sale.
$5,400,000 OR $43,548/UNIT
BROOKFIELD APARTMENTS
1201 NORTH 43RD AVENUE, PHOENIX AZ
124 UNITS
ACQUIRED ON JUNE 13, 2012
A 124-unit, Class B, garden-style rental community located on 43rd Ave and Cactus Road in Phoenix, built in 1983. Property was 90% occupied at the time of sale.
$6,345,000 OR $42,019/UNIT
MESA RIDGE APARTMENTS
650 SOUTH COUNTRY CLUB ROAD, MESA AZ
151 UNITS
ACQUIRED ON MAY 8, 2012
A 151-unit, Class B, garden-style rental community located on S Country Club Road just south of Broadway in Mesa, built in 1974 featuring 9 buildings. Suite mix is 32 x 1 Bed/1 Ba, 119 x 2 Bed/2 Ba. Property was 88% occupied at the time of sale.
$3,202,500 OR $19,292/UNIT
CASCADA DEL SOL APARTMENTS (FORMERLY CANYON WALK)
1502 W GLENDALE AVENUE, PHOENIX AZ
166 UNITS
ACQUIRED ON MARCH 31 2012
A 166-unit, Class C, garden-style rental community located on Glendale Avenue and 15th Avenue, built in 1974 featuring 10 buildings. Suite mix is 54 x studios, 67 x 1 Bed/1 Ba, 29 x 2 Bed/1 Ba, 16 x 2 Bed/2 Ba. Property was 50% occupied at the time of sale and has undergoing cosmetic renovations to the exterior as well as all interiors. The property was rebranded as Cascada del Sol.
$5,730,000 OR $42,444/UNIT
GLENRIDGE APARTMENTS
13610 N 51ST AVENUE, GLENDALE AZ
135 UNITS
ACQUIRED ON NOVEMBER 23, 2011
A 135-unit, Class B, garden-style rental community located at Thunderbird and 55th Avenue, built in 1985 featuring 11 buildings. Suite mix is 12 x studios, 75 x 1 Bed/1 Ba, 12 x 2 Bed/2 Ba, 36 x 2 Bed/2 Ba. Property was 92% occupied at the time of sale.
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$6,345,000 OR $42,019/UNIT
ESCONDIDO APARTMENTS
4422 N 36TH STREET, PHOENIX AZ
151 UNITS
ACQUIRED ON MAY 8, 2012
A one-level, Class B, garden style rental community located on North 36th Street south of Camelback. Built in 1979, the property features 75 units: 4 x studios, 71 1 Bed/1 Ba.
Interesting to note that this property was acquired at the Trustee Sale. We were able to gain access to the underwriting during an attempt by the previous owner to short-sell the property.
We were one of three biders present the day of the sale and were fortunate to acquire the property for a Canadian Investment Fund.