Buyer is part of investment trend focused on popular infill locations and rising rents

Phoenix, October 15, 2018Chris 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.

Colliers International in Greater Phoenix News Release

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.

Colliers International in Greater Phoenix News Release

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.

Chris Roach Associate Vice President Colliers International in Greater Phoenix   Matt Roach Associate Vice President Colliers International in Greater Phoenix

About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $20 billion of assets under management from the world’s most respected institutional real estate investors.

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.

Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.

For the latest news from Colliers, visit Colliers.com or follow us on Twitter: @Colliers and LinkedIn.

Colliers International in Greater Phoenix has served clients locally and globally for more than 35 years.