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Buyers still flocking to local multifamily market
PHOENIX, March 24, 2016 – In a sign that Phoenix multifamily assets are still in high demand, capital markets experts in the Phoenix office of JLL have completed the $15,046,909 sale of 90 units at Aderra Condominium Residences, near the intersection of Tatum Boulevard and Cactus Road in Phoenix.
The entire Aderra project is comprised of 312 condominiums on eight acres. This 90-unit portion consists of one- and two-bedroom condominiums averaging 1,032 square feet.
JLL Executive Vice President John Cunningham and Senior Vice President Charles Steele represented the property seller, Real Capital Solutions. The property buyer was Pathfinder Partners.“These 90 units are a great opportunity for an investor to acquire and build value in an improving housing market, within one of metro Phoenix’s most affluent suburbs – while also enjoying the benefit of strong in-place cash flow,” said Cunningham.
Built in 2008, Aderra Condominium Residences is located at 11640 N. Tatum Blvd. in Phoenix, 1.5 miles from State Route 51. Aderra fronts the Stone Creek Golf Course and offers more than 3.35 million square feet of retail shopping—including the 1.5 million-square-foot Paradise Valley Mall—within one mile of the property.
Aderra has three subterranean parking garages with elevators to deliver residents directly to their unit floor. It provides open floorplans with above-average 10- and 11-foot ceilings, gourmet-style kitchens, Energy Star GE stainless steel appliances, custom wood cabinetry, gas fireplaces and oversized closets. Property amenities include gate access, fitness center, pet areas, resort-style pool and spa, and direct golf course access.
About JLL JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 230 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $56.4 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
In Phoenix, JLL is a market leader employing more than 540 of the region’s most recognized industry experts offering office, industrial and retail brokerage, tenant representation, facility and investment management, capital markets, multifamily investments and development services. In 2015, the Phoenix team completed 17.2 million square feet in lease and sale transactions valued at $930 million, directed $125 million in project management and currently manages a 16.4 million-square-foot portfolio. For more news, videos and research resources on Jones Lang LaSalle, please visit www.jll.com or www.jll.com/phoenix.
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