$26M Sale of Colonnade Apartments
PHOENIX-Cushman & Wakefield of Arizona's Multifamily Advisory Group recently negotiated the $25.5 million sale of The Colonnade Apartments, a 415-unit multifamily property located at 1930 E. Camelback Rd.
Built in 1968-1973, The Colonnade is an urban, garden-style apartment community located in the heart of the Camelback Corridor, providing a live-work-play experience for residents. The property is 257,648 square feet with 27 buildings and features studio, one- and two-bedroom floor plans.
The property benefits from drive-by exposure on Camelback Road with ease of access to the SR-51 and close proximity to the high-end office complexes at 24th Street and Camelback Road. It is also within one-half mile of the Biltmore Fashion Park and the Biltmore Resort and Golf Course.
"This urban in-fill location with frontage on Camelback Road really got the attention of the investment community," says Jim Crews. "We had significant interest from numerous groups with varying business plans that includes rehab, value-add and redevelopment."
Gelt Inc. of Tarzana sold the property to MCS Capital Partners of Phoenix. The sale price brought $61,446 per unit, which equates to $98.97 per square foot, and was 94% occupied at the time of the sale.
Crews and Brett Polachek of Cushman & Wakefield, both senior directors, represented the seller in the transaction.