PHOENIX—Mica Creek-Sagamore Capital Partners of Phoenix sold City 15 to Retirement Concepts of Vancouver. The $10.85 million sale price brought $67,391 per unit, which equates to $102 per square foot.
City 15 a multifamily property located at 4728 N. 15th St. The property was built in 1969 and contains 26 buildings with 161 units. It was 96% occupied at the time of the sale. Cushman & Wakefield of Arizona, Inc. negotiated the sale.
“At 16th and Camelback there is a good demand for urban infill—good jobs, close to transportation corridors—that's what's driving renter demand,” Jim Crews tells GlobeSt.com.
“The property attracted a lot of attention given its location,” says Brett Polachek. “City 15 has undergone interior and exterior renovations and has captured the demand for urban living.”
Polachek and Crews of Cushman & Wakefield represented the seller in the transaction.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
