January 12, 2010, Phoenix – Colliers International–Greater Phoenix has negotiated the sale of Morgan Park, a 428-unit apartment community located at 8902 North 19th Avenue in Phoenix, Ariz. The sales price was $18.5 million, which calculates to approximately $43,224 per unit or $64.09 per square foot.
Cindy Cooke, senior vice president, and Brad Cooke, vice president, with Colliers’ Phoenix office represented the seller, a southern-California based fund manager, in the $18.5 million sale. The buyer was Northwind Properties, Ltd., of San Jose, Calif. “This was a very smooth transaction, which closed within 13 days of the signed purchase agreement,” said Cindy Cooke with Colliers. “The property was seller-financed with a $10 million loan, or a 54 percent loan to purchase price.”
Morgan Park, which has a 90 percent occupancy rate, is in a highly desirable location at 19th Avenue and Dunlap Road, adjacent to a new METRO light rail station. It is situated in the Black Canyon/I-17 corridor, which is the second highest employment area in metro Phoenix.
Built in 1987, Morgan Park underwent an extensive $3.2 million renovation in 2006/07, which included the interiors of 269 units, as well as major exterior renovations. Set on approximately 12.01 acres, the property consists of 16 two- and three-story buildings, with one-, two- and three-bedroom units, ranging in size from 465 square feet to 911 square feet.
Interior features include washers and dryers in more than one-third of the units, hardwood-style flooring, spacious closets, security monitors, fire sprinklers, private balcony or patio with storage, and fireplaces in select units. Amenities include a beautiful remodeled clubhouse with a Cyber Café, billiards room and 42-inch plasma TV. There is an indoor racquetball court and fitness center, two resort-style pools and spas, and a sand volleyball court.
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