Three-Asset Phoenix Apartment Sale Closes for $244.8M
Sunroad Enterprises sold a three-multifamily community portfolio to Fairfield Residential for $244.8 million. The 907-unit, three-complex sale is worth nearly $270,000 a unit.
The Phoenix Business Journal reports the three properties include Lazo Apartments in Chandler, a 346-unit project that sold for $100 million. Built in 2001, the last time the project sold was in 2020 for $84 million; Zone Apartments in Glendale, built in 2006, with 308 units, was sold for $81.75 million. It last sold in 2019 for $63 million; and Zone Lux, a 253-unit project in Glendale that sold for $62.5 million. Built in 2007, it last sold for $55.4 million in 2020.
Fairfield’s 24 multifamily developments are valued at $1.8 billion. The deal brings Fairfield’s owned units to 46,100.
Other News
Harrison Street, U. of San Diego to Partner for On-Campus Housing
Harrison Street Asset Management and The Michaels Organization have formed a public-private partnership agreement with the University of San Diego to build the Presidio Terrace Apartments, a planned new $230 million, 321-unit, 700-bed on-campus student housing development. The investment represents the first transaction completed through Harrison Street’s dedicated public-private partnership strategy, as well as USD’s...
Learn more
Burlington Pushes Back On 2,713-Unit Aldershot GO Development
Burlington is pushing back on Ontario’s proposed 2,713-unit redevelopment beside Aldershot GO, arguing the six-tower project puts too much of the area’s planned housing on a small piece of provincial land without enough jobs, parkland or supporting infrastructure. Infrastructure Ontario’s plan for 119 Masonry Crt. would redevelop Metrolinx-owned land beside the station with six residential...
Learn more
Investor Duo Lands Refi for 389-Unit Phoenix Rental Property
Bridge Investment Group and Hatteras Sky inked a $130 million bridge refinance for SAIYA, a newly built, 389-home, Class A mixed-use development located in Downtown Phoenix’s Roosevelt Row Arts District. Dwight Investment Management, an affiliate of Dwight Capital originated the financing. Completed in 2025, the 23-story high-rise offers a mix of studios, one-, two-, and three-bedroom units. The...
Learn more
Brokers
View All-
Remax Professionals
Re/Max Real Estate Professionals | New York
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout