News

October 10, 2017

288-Unit Dunlap Falls Apartments in Phoenix Sold for $22.6 Million

Phoenix, October 2017 – Bear Holdings Group and their partners have completed the sale of the 288-unit Dunlap Falls Apartments at 3333 W. Dunlap Ave. for $22,600,000. Dunlap Falls is located in the Metrocenter submarket in central Phoenix.  The property, offered by Colliers International, was purchased by two California-based partnerships as their first acquisition in the Arizona market.  The buyers’ LLCs are based in Colorado, but the investors are headquartered in San Francisco.

Bear Holdings Group recently completed a $6M renovation of the community.  Built in 1973, the property features 29 buildings situated on 9.4 acres. The property consists of 240 two bedroom/one bath units and 48 three bedroom/two bath units with a generous average unit square footage of 835 square feet. The property had been leased to an occupancy of 95%+.

The remodel of the complex has dramatically changed the property into an updated, affordable, multi-family living complex; a core part of a major neighborhood revitalization project. “More than $6 million was recently invested in property exterior improvements and specific interior modernization during the past two years,” adds Trevor Koskovich, executive vice president of Colliers International.

The newly gated community includes a beautifully remodeled single-story rental office and a community center located at the center of the property. The property features a sparkling swimming pool,  children’s play area, four laundry facilities, fitness center, club house and an on-site business center.

Apartments feature full-sized electric appliances, new tile/carpet flooring, balcony/deck/patio spaces, and some units offer wood style flooring and extra storage.  Dunlap Falls provides its residents with covered parking and access to Cortez City Park, which is located across Dunlap Avenue.  It also offers direct access through a private gate to the local high school and elementary school.

The entrance to Dunlap Falls has great drive-by appeal and high visibility along Dunlap Avenue (±40,000 daily vehicle traffic). This property will also benefit from the future expansion of the Light Rail system, which is scheduled to reach Metrocenter Mall by 2023. The monument sign at the property entrance has a digital display to highlight special offers. The property has direct access, through a dedicated gate, to the two adjacent schools: Cortez High School and Alta Vista Elementary School.

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About Bear Holdings Group LLC

Bear Holdings Group, based in Scottsdale, AZ, provides project sponsorship, joint venture and investment opportunities for multifamily construction, acquisition, conversion and rehabilitation. With expertise that includes fund creation, project sponsorship, and asset management tailored to partnership objectives, Bear Holdings Group currently has interests in dozens of multifamily properties through five states. Contact Bear Holdings Group today at info@bearhg.com.

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