Ensemble completes $22.65 million sale of Town Center Apartments
Phoenix, AZ – Ensemble has arranged an off-market sale of The Town Center apartments, a multifamily property located in Queen Creek. Senior Vice President Marina Hammersmith, CCIM of Ensemble brokered the deal on behalf of the seller, K & M Development #1 LLC. The buyer, PAC-Town Center LP, was represented by Rue Bax and Eddie Chang of ABI Multifamily. The sales price was $22,650,000.
The property consists of a 176-unit apartment complex with a total of 165,000 rentable square feet, built in 2008, and located at 22280 South 209th Way, Queen Creek, Arizona. Situated on approximately 10.5 acres on the corner of Ocotillo Road and 209th Way, the property is just minutes from local parks, shopping, fine dining and recreation areas.
“The buyer has a growing portfolio of apartment communities in the Phoenix Market. They were attracted to Town Center because of its stable occupancy and strong NOI growth year over year, “Hammersmith said. “The community has been impeccably maintained, allowing the buyer ample time to get acquainted with the property, residents and community before investing in any major capital projects.”
The property features: one-, two- and three-bedroom floor plans with full-size washers and dryers, patios, 9’ ceilings, granite counters, stainless appliances, walk-in closets and storage. Community amenities include a clubhouse, heated pool and spa, shaded play areas and a fitness center.