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Aldea at Estrella Falls Trades Hands in Goodyear

Umbrella Properties Buys 328-Unit Apt. Complex for $53.1M
February 27, 2018
Umbrella Properties, a multifamily investment firm founded in 1975, acquired the 328-unit Aldea at Estrella Falls apartment complex in Goodyear, AZ from PrivatePortfolio Group (PPG) for $53.1 million, or $162,000 per unit.

The Class A apartment complex at 2400 N. Bullard Ave. comprises one-, two- and three-bedroom units ranging from 794 to 1,296 square feet in 28, two-story buildings. The master-planned community was developed in 2008 by Trammell Crow Residential.

Sean Cunningham, senior managing director, Tyler Anderson, vice chairman, Asher Gunter, senior associate director, and Matthew Pesch, senior financial analyst, of CBRE represented PPG, which bought the garden-style community in August 2011 for $32.9 million, according to CoStar’s data.

“Aldea at Estrella Falls has an attractive low-density site plan featuring excellent amenities and large floor plans, suitable for value-add improvements. The community’s location in the Palm Valley master plan provides a long-term competitive advantage,” said Cunningham.

The buyer retained Pillar Communities to manage Aldea at Estrella Falls.

For more information on this transaction, please refer to CoStar COMPS #4110822.
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