Continental Realty Assets and GTIS Partners have completed two joint ventures between the firms with the sale of 240-unit San Palmas Apartments in Chandler, Ariz., and 256-unit Canyon Reserve at the Ranch in Westminster, Colo.
“We are extremely pleased with the successful ownership period of each community,” said David Snyder, Continental Realty Group's president. “In just a few years, we were able to greatly improve San Palmas and Canyon Reserve through exterior, common area and unit interior upgrade programs. We accomplished our goal of positioning each property to take advantage of a trifecta of opportunities — properties with value-add upside, in an exceptional submarket, and located in strong overall markets like Phoenix and Denver, which we had identified through our market research as likely to see growing rental demand.”
At San Palmas, which was acquired in February 2018, the partnership invested nearly $4 million into improvements in the community's
