PHOENIX—The $13.25 million sale of 150,000 square feet of buildings located at 4602 N. 24th St. on 4.4 acres in the Biltmore area has been completed, according to Colliers International of Greater Phoenix. The property will be razed to make way for a multifamily community.
Kaplan Acquisitions LLC of Scottsdale, AZ, a division of the M. Kaplan Companies in Houston, purchased the property and plans to demolish the existing buildings. Construction is set to begin on the District at Biltmore project in a matter of weeks. The community will include 227-units in a four-story building with an attached parking garage and resort-like amenities. The one- and two-bedroom units will range in size from 600 to 1,475 square feet. First occupancy is anticipated in early 2017.
Colliers International brokered the off-market transaction in less than nine months. Kim Soulé, vice president, represented the seller. Soulé tells GlobeSt.com: “The sale of this property provides the opportunity of the much needed renovation in the area.” However, Soulé goes on to explain, “This was a very emotional transaction for the seller as it owned the property since the 1940s and served the community through its operations there for over 50 years. Unfortunately, the increasing costs to maintain the services and building were too cost prohibitive to keep it going.”
Jerry Tenge, senior vice president of Colliers International, represented Kaplan Acquisitions. Tenge tells GlobeSt.com: “Multifamily development and condo conversion is here to stay. The market won't be cyclical like it was in the past.” He describes the planned design to include “many new items for the Biltmore area, including 12-foot ceilings on all first floor apartments, a pet spa for animal grooming, bicycle storage and repair station, fenced dog park and observation deck.”
Fennemore Craig P.C., a Mountain West law firm, served as the seller's legal counsel.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
