Jack A. Cardinal, a managing director of the firm, and Jennifer Runyon, an investment associate, represented the seller in the transaction. “The sellers did a great job of updating the interiors of all 21 units, this allowed their team to achieve economically sustainable rents.” states Cardinal.

The 13,050-square-foot apartment community was built in 1985 on a 0.46-acre lot. Jennifer Runyon adds, “Witnessing an investor make marked improvements and successfully turn around Casablanca Paso is another positive indicator of the strong Phoenix multifamily market. As importantly, it shows what can be accomplished when ownership, management, and leasing roll up their sleeves and executes as a team.”

PHOENIX—Cooper, Cardinal and Company LLC, recently closed the transaction for Las Casitas Apartments, a 10-unit, turn-key, multifamily community located in Phoenix. The sale price of $425,000 represents a capitalization rate of 7.75%. It equates to $42,500 per unit or $60.02 per square foot.

Managing directors Gary R. Cooper and Jack A. Cardinal represented the seller in the transaction. 'We represented the seller when he acquired Las Casitas and provides a textbook example of an owner utilizing value-add strategies to increase the value of the underlying property.” states Cooper.

The 7,080-square-foot apartment community built in 1964 is situated on a 0.72-acre lot and was 100% occupied at the time of sale. Jack A. Cardinal adds, “The seller successfully updated the curb appeal of the property. With the light rail just steps away, this location is desirable for many renters.”

PHOENIX—Cooper, Cardinal and Company LLC recently closed the transaction for Rosalinda Apartments, a 9-unit, turn-key, multifamily community located in Phoenix. The sale price of $545,000 equates to $60,556 per unit or $61.44 per square foot.

Jack A. Cardinal, a managing director of the firm, and Jennifer Runyon, an investment associate, represented the buyer in the transaction. “The sellers did a great job stabilizing the property. The asset consists of 80%, 2 bedroom and 1 bath units; and, all units have washer/dryer in each unit. These two key components are what attracted the buyer to this acquisition." says Cardinal.

The 8,870-square-foot apartment community was built in 1986 on a 0.59-acre lot. Runyon adds, “Properties like Rosalinda are valuable building blocks for a solid foundation to a successful multifamily portfolio.”