U.S. real estate properties management firm 3rd Ave Investments, LLC has sold two phases of Solano Ridge, a multifamily community in Phoenix, for $56.7 million.
Located at 8135 North 35th Ave., the community consists of Solano Ridge I, with 275 units, and Solano Ridge II, with 286 units. The asset has amenities including three swimming pools, a dog park and outdoor living spaces.
Both phases were built in 1982 and the community, with units ranging from studio to two-bedroom layouts, is about 94 percent occupied.
3rd Ave Investments sold the 561-unit multifamily property to U.S. multifamily real estate investment firm InterCapital Partners, part of InterCapital Group LLC.