SPL Cos. has sold three communities, totaling 462 units in Mesa and Glendale, Ariz., for $107.1 million. Rise48 Equity LLC acquired the portfolio, planning to close on the fourth property in April. Northmarq Phoenix’s Debt & Equity team represented the seller.
The Standard on Country Club, the 271-unit community in Mesa, is set to be rebranded as Rise on Country Club, according to the firm’s official Facebook page. Rise48 Equity paid $60.6 million for the property, which last changed ownership in 2013 for $9.1 million.
The portfolio also included the 131-unit Standard West and the 60-unit Standard 59, located in Glendale. The firm acquired the properties for $31.7 million and $14.75 million, respectively. BrightSpire Capital provided a total of $38.7 million in financing for the two properties.
Spanning across 7.5 acres, The Standard on Country Club comprises 14 buildings with studio, one- and two-bedroom apartments, averaging 513 square feet. Common-area amenities include a volleyball and basketball court, two swimming pools, three laundry facilities and a playground. Located at 1903 N. Country Club Drive, the community is within 3 miles of retail and dining options, as well as Riverview Park.
The Standard West encompasses nine buildings and a mix of one- and two-bedroom floorplans, ranging from 552 to 852 square feet with in-unit washers and dryers, a spa and a swimming pool. Located at 8080 N. 51st Ave., the community is less than a mile from Walmart Supercenter and within 2 miles of Murphy Park and its surroundings.
The third community, located at 5920 W. Laurie Lane, offers one- and two-bedroom apartments, from 590 to 890 square feet. Community amenities include a swimming pool, laundry facilities and covered parking. The property is within a mile of some retail options and one mile and a half from Floralcroft Historic District.
Just last month, Rise48 Equity acquired Portola at Grovers Park and Portola West Valley, a two-property portfolio, totaling 365 units in Phoenix for $96.4 million.