JLL Capital Markets brokers the successful sale of Corona Del Sol, a 64-unit apartment complex with value-add potential and excellent accessibility, to KDF Communities
News release
25 July 2024
$12.6M garden-style apartment complex sale closes in Phoenix, Arizona
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PHOENIX, July 25, 2024 – JLL Capital Markets announced today the $12.6 million sale of Corona Del Sol, a 64-unit, garden-style apartment complex in Phoenix, Arizona.
JLL represented the private high-net worth seller and sourced the buyer, KDF Communities.
Corona Del Sol is located at 27 E Corona Ave. and benefits from excellent freeway and transit access, including easy access to I-17, allowing residents to reach major employment, retail and entertainment areas in the Greater Phoenix Metro Area. Additionally, the community is within walking distance of the future South Central Metro Light Rail Extension and Downtown Hub, further enhancing its accessibility.
Built in 1985, Corona Del Sol comprises primarily two-bedroom floor plans with an average size of 880 square feet. All units feature classic finishes and offer the potential for future value-add enhancements. Corona Del Sol is currently 97% leased.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Brian Smuckler and Jeff Seaman and Senior Directors Derek Smigiel and Bryson Fricke.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About KDF Communities
KDF Communities, LLC is a real estate development and investment company based in Newport Beach, CA, specializing in affordable housing. With a history dating back to 1996, KDF has been involved in the construction, acquisition, and rehabilitation of over 6,000 affordable rental units across multiple states. Their growth strategy includes expanding outside of California while maintaining their core investment values and targeting properties in primary and secondary markets with positive growth and attractive pricing.