PHOENIX—Colliers International in Greater Phoenix recently completed the sale of Cove on 44th, a 256-unit class B apartment complex. Cove Phoenix LLC of Phoenix purchased the property, located at 4030 N. 44th Ave., from Cove at 44th LLC of Los Angeles.
Bill Hahn, Jeffrey Sherman and Trevor Koskovich, senior vice presidents with Colliers International's HSK Multifamily Southwest team, represented both buyer and seller.
Built in 1983, the desert landscaped Cove on 44th consists of 134,400 square feet in 13 two-story buildings constructed on an irregular shaped site of 8.05 acres. This Maryvale submarket complex is close to public transportation and minutes away from Phoenix College, Grand Canyon University and Universal Technical Institute.
Koskovich tells GlobeSt.com, “This is traditionally a C class submarket and was one of the first to go down during the recession, but also one of the first to recover. Rental rates are improving and the buyer saw the opportunity to get in before rents move up.”
Units are divided evenly between studio and one-bedroom apartments with full-sized appliances, walk-in closets and private patio/balcony space. Common amenities include two swimming pools, a spa, tennis court, laundry facilities and outdoor barbeques. A separate clubhouse, which is undergoing renovation, and leasing office are located in the center of the property which is visible from 44th Street.
“This was a good opportunity for the buyer to acquire a clean building with solid cash flow and an upside through modest interior improvements,” Koskovich, adds. “The property is positioned in a rebounding submarket that will benefit from the continued recovery in the local economy.”
The asset sold for $7.78 million, or $30,390 per unit.
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