July 23, 2019
PHOENIX — Mentor Properties has completed the sale of Sonoma Sol, a multifamily community located in Phoenix’s West Valley. A joint venture between an affiliate of The Roxborough Group and SB Real Estate Partners acquired the asset for $32.2 million, or $100,781 per unit.
The buyer plans to rename the 320-unit property Cordova Apartments. Built in 1985, the community features a majority of two-bedroom units with full-size washers/dryers in each apartment. Community amenities include a fitness center, resident clubhouse, swimming pools and outdoor play areas. The buyer plans to reposition the property, including upgrades to the common areas and amenities.
Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
http://rebusinessonline.com/mentor-properties-sells-sonoma-sol-multifamily-community-in-phoenixs-west-valley-for-32-2m/