Siena on Baseline, an apartment community at 4520 E. Baseline Rd., has been sold to a Dallas investor for $49,000,000.
“This property offered a very attractive ‘value-add’ opportunity for the buyer,” said Cindy Cooke, senior executive vice president of Colliers International in Greater Phoenix. “The community is located in one of the best employment and transportation accessible areas of the city which creates a strong tenant demand for renovated units.”
Knightvest Acquisitions, LLC of Dallas purchased the property from P.B. Bell Companies of Scottsdale. Cindy Cooke and Brad Cooke of Colliers International in Greater Phoenix represented the seller in the transaction. The buyer was self-represented.
“PB Bell did a great job stabilizing the property by curing any deferred maintenance and maintaining strong occupancy,” said Brad Cooke executive vice president of Colliers International in Greater Phoenix. “This gave the buyer confidence to focus their capital on the renovations plans to further enhance the property.”
Siena on Baseline offers 352 apartment units within 22 buildings that are situated on 13.91 acres. The units range from one to three bedrooms and some of the most expansive floor plans are 1,070 square feet. The community was built in 1986 and features a very tranquil atmosphere with an extensive amenity package. Siena on Baseline offers a new clubhouse, three pools, spa, fitness center and pet park. The property is walking distance to 50 miles of hiking trails at nearby South Mountain Park. Located at the intersection of Tempe and Phoenix, Siena on Baseline provides proximity to many of the Valley’s largest employment centers, as well as Arizona State University. Residents take advantage of very convenient access to Interstate 10, US 60 and the Loop-202 freeways.