Amenity-rich Phoenix apartments sold

Site benefits from nearby golf course

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

Grubb & Ellis/BRE Commercial San Diego on Friday announced it brokered the sale of the 266-unit Rancho Viejo Apartments in Phoenix, Ariz. The value of the transaction was $17.5 million. DRA Advisors LLC sold the property, located at 8530 N. 22nd Ave., to Newport Beach, Calif.-based WLA Investments Inc. The 207,156-square-foot complex sits on more than 10 acres of land in a quiet area across from the El Caro public golf course. It features 20 buildings with a unit mix that includes: 80 one-bedroom, one-bath (602 square feet); 72 one-bedroom, one-bath (707 square feet); 58 two-bedroom, two-bath (902 square feet); and 56 two-bedroom, two-bath (996 square feet). Amenities at the complex include two pools, a spa, a fitness center with weight and aerobic machines, a business center and barbeque areas. Grubb & Ellis/BRE Commercial is a privately held commercial real estate brokerage firm. ...