Friday, July 17, 2015

Apartment Complex at I-17 & 101 Sells for $66.3 Million

Area Map

CBRE Global Investors purchased the 629-unit “Broadstone Element Apartments” this Thursday for a salesprice of $66.3 million, or $105,405 per unit. It was purchased from Alliance Residential, who had acquired the property for $50 million in late 2012. The property underwent distress in 2009, when a $63 million loan was noticed for trustee sale and subsequently sold at auction for a credit bid of $39 million. This amounts to almost half the price at which it had been originally purchased in 2006.

(Images are property of Vizzda LLC)

The Broadstone Element Apartments are nestled directly southeast of the I-17 and Loop 101 freeways. The complex consists of thirty-three 2 and 3-story buildings on 15.6 acres and has a range of unit mixes from studios to four-bedroom floorplans. Amenities include four resort-style pools, clubhouse, fitness center, and in-unit washer and dryer.

For more information on this property including complete unit mix, history, and buyer/seller contacts, visit us at our website or send us an email. We're happy to hear from you!


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