The 2 -story complex was built in 1986 on 11.04 acres zoned R-3. The property was re-developed by Evans Whitycombe Residential in 1997. Per CBRE broker flyer:
Interior unit amenities include full-size washer/dryers, fully-appointed kitchens with breakfast bars and pantries, built-in computer desks and niches in select units, mirrored closet doors in select units, walk-in closets, wood-burning fireplaces in select units, and private patios and balconies
The apartments were previously acquired by a partnership of Evans Withycombe Residential and Copley Advisors prior to a February, 20th 1990 recordation of cross-collateralized debt. Evans Withycombe purchased the outstanding shares in the property from Copley Advisors in a related-party transfer on August 17th, 1994 for $7,820 and the assumption of existing debt. Equity Residential announced the acquisition of Evans Withycombe Residential August 29th, 1997 for $1.06B.
Equity Residential had previously listed the property through CBRE for $19.15M or $86,261/unit. This is the third major disposition in the Phoenix Market for Equity Residential covered by Vizzda.
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