Upside in Arizona multifamily market continues to attract buyers

PHOENIX – Feb. 08, 2019 – JLL’s Capital Markets experts have completed the $31,827,500 sale of Sanctuary on 22nd, a 266-unit apartment community at 8530 N. 22^nd Ave., in the heart of Phoenix.

Managing Directors John Cunningham and Charles Steele led the Multifamily Capital Markets team handling the sale on behalf of the seller, Laguna Point Properties. The buyer was a private investor.

“Sanctuary on 22nd is a significant value-add opportunity in an area with high demand and minimal new multifamily construction,” said Steele. “That, combined with its close proximity to I-17 and Light Rail, make Sanctuary on 22nd a very well-positioned asset in one of the healthiest local apartment markets in the country.”

Built in 1985, Sanctuary on 22nd totals 266 apartment homes with mix of one and two bedrooms, and an average unit size of 788 square feet. Each unit features an oversized patio and full-size washer and dryer. Select units offer a fireplace option. On-site amenities include two pools, a modern fitness center, clubhouse and business center. The community sits on 10.14 acres between Dunlap and Northern Avenues, less than one-half mile from Interstate 17 and a METRO Light Rail station, providing quick connectivity to all parts of the Valley.

JLL delivers multifamily investors a full range of solutions through one diverse, integrated platform. The division employs over 200 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multifamily and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE lending and loan servicing are performed by Jones Lang LaSalle Multifamily, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are done so in accordance with a California Financing Law license.