PHOENIX—The Cooke multifamily team at Colliers International in Greater Phoenix recently completed the sale of the 1,114-unit, three multifamily portfolio in Phoenix. The value-added properties total 989,463 square feet and combined acreage of 44.56.
The size of this class A and class B-plus portfolio attracted attention from investors around the world. The deal was awarded to an affiliate of BHE Acquisitions, LLC of Des Moines, IA by Bascom Arizona Ventures of Scottsdale. The portfolio included: Estates on Maryland, 1802 W. Maryland Ave., Phoenix, 330 units; Madera Point, 445 S. Dobson Rd., Mesa, 256 units; Pointe at the Foothills, 4424 E. Baseline Rd., Phoenix, 528 units.
Cindy Cooke, senior executive vice president and Brad Cooke, senior vice president of Colliers International, served as the brokers for the seller. The buyer was self-represented.
Cindy Cooke tells GlobeSt.com, “The seller had already done the heavy lifting such as improving the balconies and asphalt—things like that—so the assets were positioned perfectly to take it to the next level, the 2015 market. All the properties had great amenities packages and all were in infill locations, providing less competition.
“The seller was achieving significant income growth which continued throughout the transaction,” continues Cindy Cooke, adding, “It will be exciting to see the plans executed by the buyer. They have a vision to further enhance the renovations and complete the interior upgrades.”
“The execution of this transaction was flawless on both the seller and the buyer side—it was an honor and a pleasure working with both of them,” adds Brad Cooke.
The terms of the transaction were not disclosed.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
