"This is a unique asset," says Brett Polachek, a director of Cushman & Wakefield Inc.'s Southwest Apartment Group who represented the seller, Covaciu LLC of Phoenix, which is divesting its Phoenix portfolio. Paul Gross and Todd Braun worked with Polachek on the deal while Scott Trevey of Re/Max Commercial in Phoenix represented the buyer.
The 32-unit, single-story project is located at 4413-4435 N. 27th St. The resort-style development is part of the Biltmore submarket, just east of 24th Street and south of Campbell Avenue near the Biltmore Fashion Park.
The complex, which was constructed in 1964, consists of eight four-plex buildings with 16 one-bedroom units with 750 sf that rent for $575 per month and 16 two-bedroom units with 900 sf that rent for $675 per month. The asset was more than 90% leased at sale time.
Polachek tells GlobeSt.com that five other investors placed offers on the asset, which had a contract on it after just 14 days on the market. The property traded for a cap rate of 7.2%.
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