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Local Investor Adds West Phoenix Property As Rents Are On The Rise
Phoenix, July 21, 2016 – Colliers International of Greater Phoenix has negotiated the $5.45 million sale of Bella Rio Apartments at 4903 W. Thomas Rd. in West Phoenix. The property was sold to a local investor who is adding the development to his existing portfolio of local apartment projects.
“Bella Rio is a perfect example of a property purchased to take advantage of rapidly rising rents in the recovering west side of Phoenix, says Trevor Koskovich, executive vice president with Colliers International.
Koskovich, Blll Hahn and Jeff Sherman of Colliers International of Greater Phoenix negotiated the sale transaction. The property was sold by ReNue Properties Ltd. of Scottsdale and purchased by Zongfu Li of Mesa-based Excel Real Estates, LLC.
Bella Rio Apartments is situated on 4.08 acres of land and is comprised of 180 apartments units totalling 68,150 square feet. Built in 1977, the property was 90% occupied at the time of sale.
The apartment mix includes 50& one-bedroom, 49% studios and 1% two-bedroom units.
Located on the south side of Thomas Road, Bella Rio is conveniently situated just one mile north of the Papago Freeway/Interstate 10. The freeway provides accessibility to a host of employment hubs, including the Phoenix Warehouse District. Phoenix Industrial Park, Payne Industrial District and the Airhaven Industrial District all are easily reached along Grand Avenue just four miles to the east of Bella Rio.
Surrounded by single-family homes, other apartment properties and commercial developments, Bella Rio benefits from a mixed environment with convenient services. The property appeals to tenants because of its convenient transportation access, as well as it proximity to the dynamically growing nearby Grand Canyon University.
About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
