Value-Adds Still Alive And Well In Phoenix: JV Buys '70s-Vintage Apartment Community
Sterling Real Estate Holdings, a joint venture between Barker Pacific Group and Pacific Real Estate Partners, acquired Summerhill Apartments at 2925 North Greenfield Road in Phoenix for an unspecified price.
The 130-unit community was developed in the 1970s, and while the buyer says the property is in good shape considering it dates from the age of disco, the JV will make improvements to it to pursue a value-add strategy.
Many interiors already have been renovated in recent years, so the new owners plan to focus on improving various exterior features, including paint, landscaping, lighting, branding and signage.
“We look forward to its renovation, which will add value both to the asset and the marketplace as a whole,” Pacific Real Estate Partners' David Zeff said.
“Phoenix and other Southwestern markets continue to offer investment opportunities,” Barker Pacific Group CEO Michael Barker said. “We’re always searching for similarly attractive multifamily properties in the region.”
The buyers secured financing through Matt Steffen at Walker & Dunlop, while Cushman & Wakefield’s Jim Crews and Brett Polachek brokered the sale.