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California-based Reliant Management Group acquired La Palmilla apartments at 3838 West Camelback Road in Phoenix for $14.1M. The seller was Syl-Mar Limited Partnership of Oregon.
Built in 1973, La Palmilla has 70 single-story buildings that feature 267 apartments on a 22-acre site. The one-, two- and three-bedroom units range from 700 SF to 1,100 SF.
The property, which is not considered student housing, is near Grand Canyon University.
“The college’s expansion has dramatically increased demand for rental units in the area," Colliers International in Greater Phoenix Executive Vice President Trevor Koskovich said. "The community also benefits from proximity to the light rail along Camelback Road."
Koskovich, along with colleagues Bill Hahn and Jeff Sherman, brokered the deal.
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