The 304-unit Canyons on Colter Apartments in Phoenix has been acquired by 5631 W. Colter St. LLC, an entity formed by Fremont, Calif.–based Next Round Asset Management, for $34.3 million. The seller was Arroyo Vista Partners LLC, an entity formed by Bear Holding LLC of Phoenix. NorthMarq represented both parties in the transaction.
“Canyons on Colter was a strategic investment as the property had minimal deferred maintenance due to the previous owner’s capital investments yet is still primed for value-enhancing improvements that will propel rents in the trending Glendale submarket,” said NorthMarq’s Jesse Hudson. “With the ongoing expansion of Grand Canyon University and job growth along the I-10 and I-17 corridors, the Glendale multifamily submarket remains strong.”
The apartment community, built in 1984,
