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16601 N. Parkview Place | Surprise, AZ 85374
The Opportunity
Berkadia is pleased to present Villas de Azul, a 301-unit infill opportunity in West Phoenix. Villas de Azul features an attractive unit mix consisting of 89% two- and three-bedroom floorplans with a spacious average unit size of 909 square feet. The community’s attractive unit mix is augmented by its low three-bedroom supply submarket. Villas de Azul’s 136 three-bedroom townhouse units make up 22% of the total three-bedroom supply within a 3-mile radius and the only townhouse configured floor plans.
Current ownership has invested over $2.4 million to refresh and maintain the community, including upgrades to the exterior facade, amenities, and upgrading apartment interiors (144 units).
Advantageously located in West Phoenix with unrivaled positioning to the I-17 and new Loop 202 & I-10 interchange, Villas de Azul’s ultra-connected location will continue to support strong multifamily fundamentals fueled by Phoenix’s growth pattern and the Southwest Valley’s durable and expanding employment base. Villas de Azul is offered free and clear.
INVESTMENT HIGHLIGHTS
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
Jared Glover
Director
702.522.2729
jared.glover@berkadia.com
Mark Forrester
Senior Managing Director
602.526.4800
mark.forrester@berkadia.com
Andrew Curtis
Senior Director
602.571.4190
andrew.curtis@berkadia.com
Dan Cheyne
Managing Director
602.327.4447
dan.cheyne@berkadia.com
Ric Holway
Senior Managing Director
602.828.0074
ric.holway@berkadia.com
PHOTO GALLERY
LOCATION
CONTACT US
301
UNITS
Investment Sales
Scott Holland
Senior Managing Director
602.997.3802
scott.holland@berkadia.com
Mortgage Banking
BACK TO TOP
Villa’s de Azul features an attractive unit mix consisting of one-(11%), two-(43%), and three-bedroom (46%) floorplans.
Two Story Garden Style Community with Spacious Layouts, Balanced Unit Mix
VILLAS DE AZUL
908
AVG SF
Kristin Watson
Operations Director
602.445.1674
kristin.watson@berkadia.com
Kristin Watson
Operations Director
602.445.1674
kristin.watson@berkadia.com
1
Recent capital improvements total 2.4M+ primarily reinvested in value-add and asset preservation projects.
Substantial Capital Infusion
2
Villas de Azul is currently operating at only 75% occupancy, 20% below its competitive set's average of 95%. By implementing a revitalized marketing campaign and focusing on a successful lease-up strategy, there is potential to increase collections substantially over the next year.
OPERATIONALUPSIDE
3
The neighborhoods within 3 miles of Villas de Azul are largely built out and have seen virtually no supply over the past 10 years with only three multifamily communities totaling 351 units built since 2014. With only four multifamily communities currently under construction, totaling 322 units, Villas de Azul offers a compelling opportunity to acquire a central, infill community facing limited new supply.
High Barriers to Entry Limits Supply
4
Three-bedroom supply within a three-mile radius of the community totals only 611 units, making Villas de Azul’s 136 three bedrooms 22% of the submarket’s total supply.
Limited Three-Bedroom Competition
5
Villas de Azul benefits from its exceptional access to the Southwest Valley’s Industrial Corridor. As the epicenter for manufacturing, shipping, and logistics, the corridor is home to ±115,000 employees and ±2,700 businesses.
Durable and Expanding Employment Base
6
Villas de Azul is advantageously positioned just two miles from the intersection of the I-10 Interstate & the recently completed Loop 202 freeway. The new Loop 202 has drastically reduced commute times to the east valley, perfectly positioning Villas de Azul to remain a value-provider for the entire metro.
Ultra-Connected Location
7
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
Villa’s de Azul features an attractive unit mix consisting of one-(11%), two-(43%), and three-bedroom (46%) floorplans.
Two Story Garden Style Community with Spacious Layouts, Balanced Unit Mix
Offered at $29,800,000 | $99,003/Unit