PHOENIX—The Cooke Multifamily Investments Team at Colliers International in Greater Phoenix completed the sale of a 2,759-unit multifamily portfolio for $168.5 million—to date in 2014, the largest multifamily portfolio closed in Metro Phoenix and it could hold the record for this year.
The size of this class A and class B Value-Add Metro Phoenix Portfolio attracted attention from investors around the world, but it was a local investor that was awarded the deal. P.B. Bell of Scottsdale partnered with Stonecutter of New York City to purchase the portfolio from Standard Phoenix Fund of Arcadia, CA.
Cindy Cooke, senior executive vice president of Colliers International, and Brad Cooke, vice president of Colliers International, served as the brokers for the seller. The buyer was self-represented.
“It was P.B. Bell's in-depth knowledge of the assets and submarkets that helped separate them from the other buyers. We were impressed with their upfront due diligence and ability to transfer their local knowledge to their New York equity partner. They executed the transaction smoothly and even removed contingencies a day early,” Cindy Cooke says.
“Having a local company that has been imbedded in the Valley of the Sun since 1976 step up to make their largest acquisition ever shows the strength of the current Phoenix apartment market. This portfolio of seven properties represented exactly that. The properties' strong locations with stable occupancy of 96% set it up for a perfect position for upgrading the interiors and improving the exterior. P.B. Bell intends to use the transaction as a springboard to acquire more product.” Brad Cooke says.
The Cooke team was hired by Standard Phoenix Fund due to their strong track record of closing portfolios at or above their target prices. This is the second time the Cooke team has sold these seven assets; the first time as part of a 12-property portfolio in 2007 for $427.5 million, which is still the largest multifamily deal ever in Phoenix.
Five of the properties are located in the Southeast Valley submarket, one is located in the prestigious Camelback Corridor and one is located across from Arizona State University's West Campus.
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