Hendricks-Berkadia Announces Sale of Villamora

Hendricks-Berkadia is pleased to announce the sale of Villamora, located at 2150 S. Arizona Ave. in Chandler, Ariz. The 289-unit apartment community was sold for $32.9 million, or $113,841 per unit. Built in 2001, the two-story, garden-style apartment community offers one-, two- and three-bedroom floor plans. The community amenities include a basketball court, clubhouse, computer room, swimming pool, spa, barbecue, playground, fitness center and controlled-access gate.

Residents can easily access Loop 202 and Interstate 10 from the apartment community, providing connection to the entire Phoenix area. The property is less than a mile from the Arizona Railway Museum and one mile from Tumbleweed Recreation Center. Top employers in the surrounding area include Intel Corporation, Chandler Regional Medical Center, Orbital Sciences Corporation and PayPal.

The seller was PM Olive Grove Chandler, LLC, of Scottsdale, AZ. The buyer was PHX Arizona 2012, LLC, of San Mateo, CA. The transaction was negotiated by Mark Forrester and Ric Holway of the Phoenix office of Hendricks-Berkadia.

The Phoenix metro-wide vacancy rate reached 6.8% in September, up 10 basis points from June. Asking rents, meanwhile, increased 0.4% to $808 per month.

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