Andante Apartments Ahwatukee – SEATTLE, May 25, 2017 // – On May 22, 2017, Security Properties and Pacific Life Insurance Company purchased Andante Apartments, built in 2000 and located in Phoenix, AZ, for $85,250,000. Security Properties now has a total of five properties in the Phoenix market.
Andante is located in the highly desired Phoenix suburb of Ahwatukee. Located in the southeast corner of the valley, Ahwatukee is best known for its thriving demographics, low crime rate, strong school district and proximity to employment corridors. Additionally, the suburb’s unique location at the foot of the 16,000-acre South Mountain Park provides residents with convenient access to more than 50 miles of hiking, biking and horseback riding trails. On site, residents enjoy access to several retail centers including Lakeside Plaza, Trader Joe’s, Safeway and Fry’s one mile west as well as Ahwatukee Foothill Town Center one mile north and anchored by Target, Best Buy and Home Depot.
Andante Apartments Ahwatukee
Ahwatukee is adjacent to the Chandler submarket, home to the largest concentration of technology jobs in the entire state. About 25,000 jobs in the corridor include: Intel (11,400 jobs), Wells Fargo (5,100 jobs with planned expansion of 12,000 jobs), Bank of America (3,900 jobs), Freescale Semiconductor (3,000 jobs), PayPal (1,900 jobs) and Microchip ( 1,600 jobs). In addition, Intel recently announced that it is investing ~$7B to complete a state-of-the-art semiconductor manufacturing facility at its Ocotillo campus, which is located approximately 12 minutes southeast of Andante and expects to add 3,000 new jobs.
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The business plan is to renovate the clubhouse to offer top of the market opportunities. The interior will also be updated in the final scope, which will remove the bar top and install new hard surface countertops, appliances, flooring, paint, lighting fixtures and plumbing fixtures. Refurbished units will still be priced materially below new-build rents, providing a greater value proposition for the area.
According to Davis Vaughn, director of Security Properties, “Ahwatukee was acquired because it has been a target submarket for us for years. With great schools and demographics, as well as proximity to high-paying jobs, all the bases were there. We are excited about our value Execute Add Repositioning Program.”
Security Properties is a national real estate investment, development, and operations company headquartered in Seattle, Washington. For over 47 years, Security Properties has provided quality housing to its residents while delivering superior financial performance for its investors. Since its inception, Security Properties has acquired or developed more than 66,500 residential units at a cost of more than $3.35 billion. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and asset management specialists. For more information, visit www.securityproperties.com
North 77th Place, Unit 1051, Scottsdale, Az 85260
Madrona Ridge Residential is an affiliated asset management company of Security Properties, created to increase the value of its property owners by more closely managing their assets. Operating throughout the western United States, Madrona Ridge Residential is committed to providing exceptional service to its apartment communities and residents. Services include property, construction and compliance management services that create a positive living environment for residents and build value for customers.
Providing insurance since 1868, Pacific Life offers a wide range of life insurance products, annuities and mutual funds, and offers a variety of investment products and services for individuals, businesses and retirement plans. Pacific Life counts more than half of the 100 largest US companies as its clients. For additional company information, including current financial strength ratings, visit www.PacificLife.com.
Pacific Life refers to Pacific Life Insurance Company and its subsidiaries, including Pacific Life and Annuity Company. Pacific Life compiled customer numbers from June 2016 using the 2016 FORTUNE 500® list. The new owner of Andante Apartments plans to renovate the interior and renovate the clubhouse. The property has an occupancy rate of 92.5 percent.
E Deer Valley Dr #3251, Phoenix, Az 85054
Security Properties and Pacific Life Insurance Co. purchased Andante Apartments, a community of 576 units in the Phoenix suburb of Ahwatukee, for $82.3 million.
According to Yardi Matrix data, the sale was subject to a $57.7 million Freddie Mac loan, with a term of 7 years. The seller of the property is Waterton, which purchased the property in 2012 for $61.3 million from JP Morgan Asset Management.
15801 S. 48th St. Located on a 22.3-acre site, Andante offers one- and two-bedroom units with high ceilings, high-speed Internet and full-size washer/dryers. The community includes 32 three-story buildings. Amenities include a fitness center, clubhouse, three swimming pools and a spa. Additionally, the property, built in 1999, features fully covered parking, semi-private entrances, outside storage, fire sprinklers and private balconies/patios in select units.
N 44th St, Phoenix, Az 85018
The community is in close proximity to Interstate 10 and State Route 202, the suburban location at the foot of South Mountain Park offers convenient access to more than 50 miles of hiking, biking and horseback riding trails. Andante offers easy access to several retail centers including Lakeside Plaza, one mile west, as well as Ahwatukee Foothill Town Center. Ahwatukee is home to the largest concentration of technology jobs in Arizona, with nearly 25,000 jobs in the corridor including Intel, Bank of America, Wells Fargo, PayPal and Microchip. Intel recently announced the opening of a state-of-the-art semiconductor manufacturing facility at its Ocotillo campus, which is expected to add 3,000 new jobs, a location about 12 minutes southeast of Andante.
The new owner plans to renovate the clubhouse to offer top of the market opportunities. Interior updates include new hard surface countertops, appliances, flooring, painting, light fixtures and plumbing fixtures. Renovated units will still be priced materially lower than new construction rents. Madrona Ridge Residential, an association of security properties, conducts the management services. Currently, Andante has an occupancy rate of 92.5 percent.
Has been a target sub-market for us over the years. With great schools and demographics, as well as proximity to high-paying jobs, all the basics were in place at Andante to execute our value-added repositioning program, now offering in-person, self-guided and virtual tours! Residents of our beautiful Mountain Park community will love the newly renovated interiors, which include deluxe kitchens with stunning hardwood floors. Espresso cabinets and modern appliance packages create a contemporary feel that adds a luxurious finish. Each apartment building is complete with a practical dishwasher, an efficient glass-top oven, microwave, and garbage disposal and crisp air conditioning. High nine-foot ceilings create a spacious feel and there are fans to keep residents comfortable year-round. The heated resort-style pool will refresh you on our hottest days, and our air-conditioned fitness center will keep you on your toes no matter the weather. Our location in the Ahwatukee Foothills offers many year-round activities throughout the South Mountain Preserve. Shopping, school and work are all just a stone’s throw away, allowing you to enjoy the easy life you’ve always dreamed of.
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Sonoran Apartment Homes is an apartment community in Maricopa County in the 85044 zip code. This area is served by the Kyrene Primary Area.
This community supports self-guided tours that offer potential residents the ability to approach, visit and leave the property without the assistance of staff. Contact the property for further details.
Ahwatukee is your one-stop shop, with a variety of merchants, delicious local food, and picturesque natural landscapes. This charming neighborhood is located 13 miles southeast of Phoenix, Arizona, with easy access to major interstates like I-10 and Phoenix Sky Harbor International Airport.
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From Sprouts Farmers Market to PetSmart, Ahwatukee Foothills Town Center has it all. Try some casual bakeries and restaurants like Nothing Bond Cake or RA Sushi after an afternoon of shopping. With several shopping centers and many restaurants, you will never tire of the options available in Ahwatukee.
Sonoran Apartment Homes is 16 minutes or 8.7 miles from South Mountain Comm. Coll.. It is also close to Arizona State University, Tempe and Mesa C.C., South and Dobson.
School data provided by GreatSchools GreatSchools ratings help parents compare schools in a state based on various school quality indicators and provide a useful picture of how effectively each school serves all of its students. Ratings are on a scale of 1 (below average) to 10 (above average) and may include test scores, college readiness, academic progress, advanced courses, equity, discipline and attendance data. We also advise parents to visit schools, consider other information about school performance and programs, and consider family needs as part of the school selection process.
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Transportation options available in Phoenix include Mill Ave / 3rd St., located 9.4 miles from Sonoran Apartment Homes. Sonoran Apartment Homes is close to Phoenix Sky Harbor International, 11.3 miles or 19 minutes away, and Phoenix-Mesa Gateway Airport, 21.2 miles or 31 minutes away.
You may be able to get out and walk while living in this area. Some errands can be fulfilled on foot, but for others you need a car.
Sonoran Apartment Homes has 3 shopping centers within 0.6 miles, which is about a 12 minute walk. Miles and minutes will be for the farthest property.
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