XCD Realty Buys Northwest Phoenix Condos

Phoenician Pines Condominium Homes. Image courtesy of ABI Multifamily XCD Realty has acquired 92 units…

Phoenician Pines Condominium Homes. Image courtesy of ABI Multifamily

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.

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