Multi-Housing News: The Roxborough Group Acquires 168-Unit Park Ridge Apartment Community in Phoenix Submarket
The 168-unit property is located in the Paradise Valley submarket, adjacent to the Paradise Valley Mall. The company tapped Alliance Residential Co. as a third-party manager.
Roxborough Fund I, an affiliate of San-Francisco-based The Roxborough Group, finalized its first Phoenix-area multifamily acquisition. The asset is Park Ridge Apartments, a 168-unit community located in the Paradise Valley submarket.
The company intends to reposition the property by upgrading the common areas and renovating the unit interiors. The plan also includes rebranding Park Ridge under its new manager, Alliance Residential Co.’s “Broadstone” name.
“This acquisition fits well with our existing portfolio of multifamily assets that target tenants seeking superior product at an affordable price point,” said Roxborough Senior Vice President Matt McCormick, in prepared remarks. “With no new supply in the immediate area, we believe the asset is well positioned to take advantage of Phoenix’s strong forecasted employment and population growth.”
CONVENIENT ACCESS TO CORPORATE CENTERS
The community is located at 12211 N. Paradise Village Parkway W. and is adjacent to Paradise Valley Mall, a 1.2 million-square-foot shopping center. The surrounding area offers an additional 1.6 million square feet of retail and restaurant space catering to high-income residents. The property offers access to freeways 51 and 101, which connect it to major employment centers, including Scottsdale Airpark. Scottsdale Airport is only five miles from the site while downtown Phoenix is less than 15 miles away.
Park Ridge Apartments offers one- and two-bedroom units varying in size from approximately 590 to 860 square feet. Rents start at $667 and go up to $759 according to the property’s website. Amenities include:
- swimming pool and spa
- fitness center
- covered parking
- on-site laundry facility
- picnic areas