Palm Valley
Palm Valley is a 264-unit, Class B+ multifamily property located in Goodyear, a part of the Phoenix MSA. Palm Valley was sold in 2021.
Property Specs
PROPERTY NAME
Palm Valley
PROPERTY STYLE
Multifamily
PROPERTY AGE
1997
NO. OF UNITS
264
LOCATION
Phoenix, AZ
ACQUISITION DATE
2017
TOTAL TRANSACTION SIZE
$41.0M
SPOKE INVESTOR EQUITY
$8.9M
We acquired Palm Valley in an off-market transaction alongside our joint-venture partner whose key principals had owned and operated approximately 6,000 units in the western markets at the time of acquisition. Phoenix continues to represent one of the fastest growing cities in terms of population, job, and economic growth.
Palm Valley’s repositioning to a Class B+ asset (from B) involved site improvements and “light” interior renovations, which were directed towards enhancing its tenant’s living experience. The acquisition of Palm Valley is consistent with Spoke’s strategy to partner with best-in-class operators who target investments located in geographic areas that exhibit strong population and economic growth.
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