The SRG Fund Team is pleased to announce the sale of Alanza Apartments in Phoenix. Alanza Place was one of our first acquisitions upon our return to Phoenix with Fund II. Built in 2002, the 360-unit community is centrally located to serve downtown Phoenix, the airport business area and nearby Tempe, home of Arizona State University, with access to three separate freeway corridors. The property was acquired in October of 2016.
The property has been a strong performer, and we completed renovations to pool, club, party/café, business and fitness common areas, including the addition of a major courtyard lounge area in the second courtyard, all on schedule and budget. Listed with Mark Forrester of Berkadia, the sales process garnered strong interest. The Buyer, a California family office seeking to expand in Phoenix, purchased the property with an expedited diligence and closing.
Alanza set us off to a great start in this round of sales. This smooth transaction was quarterbacked by Acquisitions Manager Tanya Lee with Assistant Vice President - Asset Management Hunter Heatly providing operating support, and our escrow team working with our Finance and Accounting groups. This was a great team effort.
William B. Montgomery
Chief Investment Officer