February 5, 2010, Phoenix – Colliers International–Greater Phoenix has negotiated the sale of three multifamily properties: Chelsey Park at 4526 North Black Canyon Highway in Phoenix, Ariz., Cypress Arms at 3145 East Cypress Street in Phoenix, Ariz., and Apartments on May Street at 35 North May Street in Mesa, Ariz. The three assets sold for a total of $1.105 million.
Chelsey Park consists of 58 units and sold for $685,000, or $11,810 per unit, in an all cash transaction. Bill Hahn, senior vice president; Jeff Sherman, senior associate; and Trevor Koskovich, senior associate, of Colliers’ Phoenix office, represented both the seller, Creative Commercial Investments, LLC, of Solana Beach, Calif., and the buyer, Guru Nanak Investments, LLC, of Glendale, Ariz. Chelsey Park, which was built in 1964, is approximately 31,000 square feet, with a mix of 39 studios, four one-bedroom and 15 two-bedroom units, and sets on approximately 1.55 acres.
Cypress Arms consists of 12 units and sold for $220,000, or $18,333 per unit, through a court-ordered receivership handled by 707 Management of Las Vegas. Hahn, Sherman and Koskovich, of Colliers, represented the seller, 707 Management, and the buyer, Cypress Arms Apartments, LLC, of Phoenix. Cypress Arms was built in 1975 and is approximately 6,192 square feet, with 12 one-bedroom units. The property sets on approximately 0.33 acres.
The Apartments on May Street consists of 12 units and sold for $200,000, or $16,667 per unit, in an all cash transaction. The asset was a Fannie Mae REO property sold through TriTex Real Estate Advisors, Inc., of Atlanta. Hahn, Sherman and Koskovich, of Colliers, represented the buyer, La Mesa Grande, LLC, of Phoenix. The property is approximately 6,776 square feet and is made up of 12 one-bedroom units.
|