XCD Realty has acquired 92 units of Phoenician Pines Condominium Homes, a 240-unit condominium community in Phoenix, for $22 million, or $239,130 per unit. The property last changed ownership in 2016, when a private individual bought the asset from The Hill Cos. for $6.5 million. ABI Multifamily represented the seller in the latest transaction.
The acquisition was financed with a $14.3 million, 3.5 percent interest-rate loan, maturing in 2027, funded by FirstBank, according to Maricopa County records.
The property was completed in 1982 and converted into condominiums in 2006. Encompasses 15 buildings with one-, two- and three-bedroom apartments averaging 1,018 square feet, the property features walk-in closets, in-unit washers and dryers, air conditioning and private balconies or patios. Community amenities include two swimming pools, picnic areas, a fitness center and barbecue grills.
Located at 17211 N. 35th Ave., the community is within walking distance of several retail options, also within half a mile of Sunset Plaza and various dining spots along Bell Road. Deer Valley and the Interstate 17 employment corridor are 3 miles away from the property, providing residents access to major employment hubs. The community is also within a mile of Interstate 17, connecting it to Phoenix.
Last year, ABI Multifamily brokered the sale of another Phoenix-area asset. A joint venture between Intrust Property Group and Sunrise Multifamily acquired Veranda & Sunflower Apartments, a 208-unit community in Glendale, Ariz., for $32.9 million, planning to invest $4.5 million to improve and rebrand the property.