Two Phoenix Multifamily Projects Sold for $3.1 Million
The Roach Team at Colliers International in Greater Phoenix has closed two multifamily property sales totaling $3.1 million. These transactions represent a growing trend in out-of-state investors purchasing Phoenix apartment properties.
Summer Cove, located at 1941 W. Morten Ave. was sold for $2,150,000. The property, which is 100 percent occupied, features 20 apartment units and was built in 1969. The community was purchased by Tenants in Common: Geiger Properties I LLC, Geiger Properties VI LLC, Sally Geiger, and Franklin 2000 Properties I LLC, based in Huntington Beach, CA. They purchased the property from private investors based in Los Gatos, CA. Chris Roach and Matt Roach of Colliers International in Greater Phoenix handled the transaction.
“This transaction represents a continued trend of outside capital pouring into the Phoenix multifamily market,” says Chris Roach. “The Phoenix metro area is ranked second in the nation for 2018 year-end forecasted rent growth and value-added properties in quality, infill locations are primed to capture that growth.”
Cypress Arms Apartments at 3141 E. Cypress St., just north of McDowell Road, also was sold by the Roach Team. The two-story property contains 12 units and was built in 1975. Private investors from San Jose, CA, purchased the property for $950,000. The seller was AR-32nd St. LLC a private investor based in AZ. The Roach Team represented the buyers in this transaction. The seller was represented by Ryan Ash at Apartment Realty Advisors.