Grubb & Ellis/BRE Commercial arranged the sale of the La Palma Apartments, a 548-unit complex in Phoenix.
The value of the transaction was $32 million.
Built in 1984, the La Palma apartments, located at 220 West Bell Road, sit on approximately 27.6 acres and have approximately 469,088 net rentable square feet. The complex has 40 two-story and 11 three-story buildings with a varied unit mix that includes: 240 one-bedroom, one-bathroom; 136 two-bedroom, one-bathroom; 140 two-bedroom, two-bathroom; 20 three-bedroom, two-bathroom; and 12 larger three-bedroom, two-bathroom units. The apartments range in size from 720 to 1,444 square feet, and contain full kitchen amenities, private patios or balconies, and outside storage.
The seller was DRA Advisors acting as managing member for G&I La Palma LLC. The buyer was La Palma Apartments Phoenix LP with WLA Investments Inc. of Newport Beach as managing member.
San Diego-based Grubb & Ellis/BRE Commercial is a privately held commercial real estate brokerage company.
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