Vertical Street Ventures announced the acquisition of Sora on Rose Apartments in Uptown Phoenix. Marcus & Millichap’s Paul Bay, Darrell Moffitt, Cliff David, and Steve Gebing oversaw the transaction process, with Bridge Loan financing provided by Arbor’s Eric Regenbogen with support from Gantry’s Adam Parker and Buyer’s Equity provided by Tauro’s Paul Davidovic and Matt Muller. Calcap Properties Inc. will manage the property while Gia Venturi has been retained to lead design and branding for the community.
This marks VSV’s 9th Property in the Phoenix market and 15th Property in the Western United States, bringing the total VSV Portfolio to $214 Million in Assets. In the first three months of 2022, Sora on Rose is VSV’s 4th acquisition this year, bringing total purchases to $70 Million in the first quarter.
“We’ve admired Sora on Rose for a while now and when it came to market, we had to jump on the opportunity,” said Jenny Gou, a Managing Partner for VSV in a statement. “The Uptown Area is thriving in Phoenix. With so many restaurants being added and the area continuing to evolve, resident life here is incredible. We’re excited to bring more to this community in the coming months and years.”
A 92-unit apartment complex, Sora on Rose will be rebranded as Vertical on 16th. Community amenities include a swimming pool and clubhouse. VSV will invest over $1.5 Million into the property to add Washers and Dryers to all units, new patios to first floor units, new paint and parking lot improvements, and updated LED lighting throughout the property.
