Phoenix Buyer Expands Its Local Apartment Portfolio With Desert Gardens II Acquisition
ReNUE Properties, which is in the midst of expanding its portfolio within its home state of Arizona, acquired the 225-unit Desert Gardens II, an apartment property in Phoenix, for $23M. The seller was a local LLC, Desert Gardens VI.
Desert Gardens II was built in 2003 and consists of 14 two-story buildings on a 13-acre site. All but one of the units are two-bedroom apartments, and the community was 90% leased. The property also has 252 covered parking spaces and 171 open parking spaces.
“The buyer will add this to its existing portfolio of Arizona properties and modernize the community in meaningful ways,” said Bill Hahn, executive vice president with Colliers International in Greater Phoenix. Hahn, along with colleagues Trevor Koskovich and Jeff Sherman, brokered the deal.