Stone Canyon Apartments Sale Delivers ROI of Over 95%
Phoenix, Arizona – May 13, 2015– National Asset Services (NAS), one of the Country’s leading commercial real estate companies, has successfully delivered a cumulative return on investment of over 95% to the tenant-in-common co-owners of Stone Canyon Apartments in Mesa, Arizona. The property sold May 11, 2015 for $47 Million. Thirty-three tenant-in-common co-owners originally purchased the property in June 2005, for $37.62 Million. Since taking over asset management of Stone Canyon in 2010, NAS’ leadership delivered 20 straight quarters of cash distributions to investors totaling over $3.5 Million, resulting in a cumulative ROI of over 95% to ownership, during the time-period the property was asset managed by NAS.
Aggressive marketing, leasing, superior maintenance and cost-efficient property upgrades, contributed to an overall occupancy level of over 90% for the property during the period the property was asset-managed by NAS. Significant property improvements included a new one-bedroom show model, complete exterior painting and a refurbishment to the lighted tennis court area.
“We are delighted to have delivered a consistently maximized rate of return for the investors during the time we asset managed the property,” commented Karen E. Kennedy, President and Founder of National Asset Services. “The sale also comes at an opportune time for the buyer who can now capitalize on a great property located in an area with extremely favorable market conditions.”
Stone Canyon Apartments is located in the proximity of some of Mesa’s largest employers including; Banner Gateway Hospital, Banner Baywood Hospital and The Boeing Company.
During the selling process, NAS presented all options to property ownership and the Phoenix office of CB Richard Ellis represented the tenant-in-common co-owners during transaction. The buyer was Olen Residential Realty Corp. of Newport Beach, California.
Built in 2000 on 25 acres, Stone Canyon is a gated community comprised of 20 garden-style apartment buildings, consisting of one and two bedroom apartment homes. The property features a 24-hour fitness center, two resort style pools with spa, a pro turf putting green as well as a lighted tennis court and volleyball court. All units are equipped with full size washer/dryer, gourmet kitchens, and high speed Internet.