Buyer is part of investment trend focused on popular infill locations and rising rents
Phoenix, October 15, 2018 – Chris Roach and Matt Roach with Colliers International in Greater Phoenix negotiated the acquisition of two Phoenix apartment communities. A California-based investor purchased Roma Apartments and The Cove apartments in Phoenix for a total price exceeding $2.5 million. The acquisitions reflect a continuing trend of investor interest in older multifamily properties located at infill locations with strong rental increase potential.
“This buyer sought stabilized properties with strong occupancy within established, infill locations,” said Chris Roach of Colliers International in Greater Phoenix. “The recent rise in rental rates and incredibly strong tenant demand for rental units provide a unique opportunity to increase property value. Infill locations throughout the city are experiencing improvements to these older apartment communities and modernization for repositioning.”
Roma Apartments, located at 941-945 E. Roma Avenue in Phoenix is a single-level, garden-style community. Built in 1984, the complex includes eight two-bedroom units and a total of 6,274 square feet of space. A private investor from Encino, California, sold the property for $730,000 to Melinda and Don Hutchinson of Los Gatos, California.
The Cove, which is located at 7732 N. 27th Avenue in Phoenix, was built in 1974 and remodeled in 2018. The community is a single-level development on 1.58 acres. Sixteen apartment units ranging from studios to three-bedrooms in design create a total square footage of 13,460 square feet. ACG-NVM, LLP of Phoenix sold the property for $1.8 million to Melinda and Don Hutchinson of Los Gatos, California.
Chris and Matt Roach of the Roach Multifamily Team at Colliers International in Greater Phoenix represented the buyer in the acquisitions. Both acquisitions were part of a 1031 exchange and financing was handled through Washington Federal.
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