The two multifamily properties, with occupancies hovering 95%, contain 239 units and are located an eighth of a mile apart, says Todd Braun, a senior director with Cushman & Wakefield of Arizona Inc. He and C&W partner, Brett Polachek, represented the seller, Gold Crown Management Co. of Greenwood Village, CO.
"Both of these assets received a lot of interest because of their location. …They are located near a lot of employment generators including Arizona State University, which is just a half mile away," Braun says. "And, the proposed light rail will run right in front of Campus Pointe." He adds more than 10 investors made offers.
Braun tells GlobeSt.com that the Petakovich Family Trust, represented by Patrick Doyle of Hendricks & Partners in San Diego, purchased the assets because of their stability and income stream. Affinity Bank in Scottsdale provided the mortgage financing.
The 163-unit Campus Pointe Apartments, located at 1115 E. Lemon St., sold for $8.4 million. Built in 1970, the high-rise property contains 36 studio apartments, 62 one-bedroom units and 65 two-bedroom apartments. The average unit is 666 sf; average rents are $641 per month.
The Riviera Palms property, constructed in 1963 at 914 E. Lemon St., sold for $3.2 million. Comprised of 76 units, the complex has 12 studios, 54 one-bedroom apartments and 10 two-bedroom units. Units average 480 sf while monthly rents average $509.
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