Phoenix's 267-Unit SylMar Goes for $10.5 Mil

PHOENIX-A New York-based real estate investment group has spent $10.5 million for the 267-unit SylMar Apartments in Phoenix.

Renaissance Housing LLC’s new holding is located on 20 acres at 3838 W. Camelback Rd. The deal breaks down to $39,325 per unit for the 95% leased complex in the West Valley about two miles west of Interstate 17.

Harsch Investment Corp., based in Portland, OR, is the seller. Todd Braun, Tyler Anderson and Sean Cunningham of the Phoenix office of CB Richard Ellis negotiated the sale for both parties.

The price for the 30-year old complex is close to what buyers recently paid for comparably aged multifamily projects. Last year, apartments built in 1974 or before sold for an average of $36,988 per unit or $50.04 per sf. Renaissance Housing paid about $44.82 per sf.

Northwest Phoenix apartments are under-performers in comparison to the rest of the Valley. The average vacancy rate is 7.8% whereas the Valley’s overall rate is closer to 6.6%. Rent averages is $603 per month, $65 higher than elsewhere in the Valley.