PHOENIX—Cactus Forty Two Holdings, LLC, a venture formed by Joe Meyer, Southwest Next Capital Management, and Matt Cody, Cachet Homes, sold its recently completed, 200-unit Cactus Forty-2 apartment community located at 4242 E. Cactus Rd. in Phoenix for $36 million ($180,000 per unit). The buyer was an entity formed by Fort Worth-based Olympus Property (Chandler Wonderly, principal, and Anthony Wonderly, principal).
DTZ executive managing directors David Fogler and Steven Nicoluzakis represented the seller during the transaction.
Fogler tells GlobeSt.com, “Cactus Forty-2 is in a location that hadn't seen new multifamily development in 20 years. This opening provided an opportunity for lease-up. It has easy access to the 51 freeway and a regional mall. We had a lot of interest—it was well-received by the investment community
“This property is an excellent example of an in-fill adaptive re-use project that has outperformed other multifamily communities in the area and should continue to do so given the high barriers to entry for other new projects in this submarket,” adds Fogler.
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