PHOENIX—Clear Sky Capital Heritage Square L.P. (Clear Sky Capital, Marcus Kurschat, principal), sold Heritage Square Apartment Homes located at 65 E. Olive Ave. for approximately $12 million ($100,000 per unit). The buyer was Bellevue, WA-based Heritage Square-Phoenix, LLC, (Curtis Capital Group, LLC, Jed Curtis, principal).
DTZ executive managing directors David Fogler and Steven Nicoluzakis represented the seller during the transaction.
“The buyer was attracted to the property because it offered upside potential and because of its proximity to the Heritage District in downtown Gilbert,” according to Fogler.
Built in 1984, Heritage Square is located immediately north of historic downtown Gilbert, an area that is currently undergoing a major expansion with the addition of numerous new and vibrant retail and restaurant amenities and the soon to be opened St. Xavier University. The two-story, multi-family complex features one- and two-bedroom units ranging in size from 708 to 867 square feet. The gated access property includes two swimming pools, heated spa, cabana room with Wi-Fi, fitness center and covered parking. The units include private balconies and patios, walk-in closets and in-unit washers and dryers. Premium units offer upgraded appliance, counters, light fixtures and flooring
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