488-Unit San Melia Apartments Sells for $84 Million

Area map - Does not account for condoed division of parcel

GE Asset Management purchased the San Melia Apartments on Monday for $84 million or $172,000 per unit, funded by a $46.2 million loan with Fannie Mae. The apartment complex is condoed, however the entirety of the project conveys in this transaction. Buyers assumed SRP "license" to use the area, as it sits over an extension of the Highline Canal.

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The San Melia Apartments consists of 488 units in sixty-four buildings built in 1998. Sixty-eight of these units were renovated in 2011. It is located south of the southeast corner of 48th Street and Ray Road, and includes one pool.

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Siena Apartments Sell for Over $31 Million

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Scottsdale investors PB Bell Companies purchased the 352-unit Siena Apartments located west of the northwest corner of 48th Street and Baseline Road for $31.025 million, or $38,785 per unit. The sale was financed by a $27.525 million note with NXT Capital. Sellers Mabry Management had acquired the apartments for $13 million three years prior.

The Siena Apartments consist of 22 two-story buildings with one, two, and three-bedroom floorplans built in 1986 and remodeled in 2001. Amenities include three pools, clubhouse, and on-site laundry facility. It is located just a mile east of the Arizona Mills Mall.

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!