An affiliate of The Barone Group has acquired AVA North Apartments and AVA South Apartments in Phoenix, AZ for $14.7M
Phoenix, Arizona – November 30, 2018. On Nov. 30, 2018, The Barone Group alffiliate acquired the 1973 vintage, 73-unit, Arcadia Park Apartments, and the 1980s-vintage, 50-unit Hermosa Apartments in Phoenix, AZ, as a two-property portfolio for $12.6mm ($102.4k/unit), currently repositioned as AVA North and AVA South Apartments. Sponsorship will upgrade unit interiors, and rehab the exterior, landscaping, pool area and clubhouse. https://www.liveatavanorthsouth.com/
The communities are located within the prestigious Arcadia neighborhood of Phoenix, just south of the Arcadia / Indian School redevelopment corridor, home to multiple shopping centers, numerous restaurants, bars, and entertainment venues. This strategic location allows the properties to capture residents from multiple commerce hubs, as opposed to relying on a single submarket. Single-family home sales within the Lower Arcadia neighborhood average over $600,000, with a range from $335,000 to $4.25M.
Arcadia Park is a unique rental community offering 73 total rental units on approximately 2.27 acres. The community offers two one-bedroom layouts at 625 and 650 square feet, and a two-bedroom, one-and-one-half bath townhome unit at 1,025 square feet. Arcadia Park is complemented by amenities including a leasing center, sparkling swimming pool, barbecue areas, a center courtyard, laundry facility, gated access, and covered parking.
Hermosa is a unique rental community offering 50 total rental units on approximately 1.21 acres. The community offers studios at 395 square feet, and one-bedroom layouts at 513 square feet. Hermosa is also complemented by amenities including a leasing center, sparkling swimming pool, barbecue areas, a center courtyard, laundry facility, gated access, and covered parking.
The Barone Group, founded by Daren Barone in 2004, is a real estate investment firm specializing in Multi-Family Housing, Hospitality, Capital Investments, and Commercial property throughout the United States.