Northmarq’s Phoenix Investment Sales team of Trevor Koskovich, Jesse Hudson, Bill Hahn, and Ryan Boyle brokered the $44.5 million sale of Sonoma Valley Apartments in Apache Junction, Arizona. The team represented the seller, Scottsdale-based Sonoma Valley, LLC.
FSO Real Estate Services, LLC, a division of FSO Capital Partners, a real estate private equity firm based in Phoenix that is focused on acquiring and managing value-add multifamily properties throughout the Southwest, purchased the 176-unit Sonoma Valley located at 975 S. Royal Palm Road.
Built in 2001, the 176,000 sq. ft. garden-style property includes 11 two-story buildings on 9.9-acres situated just south of the Old West Highway (Apache Trail) and east of State Route 88. The Sonoma Valley complex features an even split of 950 sq. ft., two-bedroom/two bathroom units and 1,050 sq. ft. three-bedroom/two bathroom units. The community includes a pool and hot tub, 24-hour fitness center, picnic areas, basketball court and playground.
“Sonoma Valley features original interior finishes, making the property prime for next-generation enhancements,” said Hudson in a statement. “The buyer was attracted to the property because of its long-term low-interest fixed-rate assumable debt”.
In addition to its proximity to Mesa, the third-largest city in Arizona, and Gilbert and Chandler, two of the fastest growing cities in Arizona, Apache Junction is home to a diverse range of employers including Banner Health, Western Industrial Resources Corporation and the Superstition Mountain Campus of Central Arizona College.