PHOENIX—Cushman & Wakefield has closed on the $19.5 million sale of Anzio Apartments on behalf of owner Gelt Inc., dba Gelt Broadway Holdings LLC of Tarzana, CA.
Jim Crews and Brett Polachek with Cushman & Wakefield's southwest multifamily advisory group negotiated the sale to WWC Holdings LLC of Vancouver.
Located at 1330 W. Broadway Rd. in Tempe, the complex was constructed in 1971 and features 240 apartment units totaling 184,746 square feet. The property, which includes 13 buildings, is 95% occupied.
“Anzio is a well-maintained, stabilized asset offering positive cash flow through solid operations,” says Crews, senior director with Cushman & Wakefield. “It is a strong in-fill location situated in the highly desirable north Tempe submarket, less than two miles from Arizona State University.”
The massive, 2.1 million square foot Marina Heights development at Tempe Town Lake is resulting in an increased demand for commercial and multifamily accommodations in the Tempe submarket. According to the REIS Report, vacancy ended 2Q 2015 at just 3% in North Tempe, down 60 basis points for the period, following a loss of 110 basis points last year.
Metro Phoenix's average vacancy rate for the period was 4.3%, and drifted downward by 20 basis points to the lowest level since the end of 1993. Metro Phoenix's average vacancy rate is expected to finish 2015 at 4.6%.
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