Colliers International sells Union at Roosevelt to Chicago investor for $27 million

Mixed-use, Class A community is a focal point of downtown’s Roosevelt Row

Phoenix, January 24, 2019 – Union @ Roosevelt, a recently developed mixed-use project within the popular Roosevelt Row district of downtown Phoenix, was sold to a Chicago-based investor for $27 million. Located at 888 N. 1st Avenue, features 80 luxury mid-rise apartments, with 9,100 square feet of ground floor retail space and 28,000 square feet of land.

The fully leased apartment community is home to three retail outlets. GenuWine is a self-serve wine bar with a wide selection of wines, as well as a variety of cheeseboards and locally brewed beer. Fatty Daddy’s ice cream provides customers with local, hand crafted pastries and desserts, free from preservatives, GMOs and artificial colors. Finally, there are multiple letters of intent for the remaining restaurant space that will provide the full-service restaurant experience for the tenants living at Union and the general public.

OZ-UNION, LLC (Origin Investments) purchased the property from Metrowest Development of Phoenix. Cindy Cooke, Brad Cooke, Matt Roach and Chris Roach of Colliers International in Arizona represented Metrowest in the marketing and sale of Union @ Roosevelt. 

“We were very excited to work on such an intricate deal that will continue to shape the culture of downtown Phoenix,” said Brad Cooke, senior vice president with Colliers International in Arizona. “The sellers were very intent on selecting the right buyer that saw the correct vision for Phase II, which will be approximately 120 units, bringing the total unit count to 200 units. That is exactly what was accomplished with Origin Investments.”

“Our team was very creative by proposing a structure to place opportunity fund capital into an existing class A multifamily site,” said Matt Roach, associate vice president with Colliers in Arizona. “Union @ Roosevelt is one of the select properties in Phoenix with a GPLET (tax abatement). It was important that the right buyer comprehend the current value from unrealized savings.”

Constructed in 2017, Union @ Roosevelt is situated in a highly desirable location at Roosevelt Street and 1st Avenue, 300-feet from a Metro Valley Light Rail station. The community is within walking distance of an abundance of trendy restaurants, art galleries, coffee shops and entertainment venues.

The walkable Roosevelt Row Arts District has been nationally recognized for its arts and cultural events. Union @ Roosevelt sits within a top employment area consisting of 120,000 jobs. The property features a noteworthy 91 Walk Score and 84 Bike Score. 

The design, construction and quality finishes used for Union @ Roosevelt elevate the property within the dynamic Phoenix multifamily market. Condo-style luxury elements of this property include reinforcement and insulation between adjoining party walls, expansive floor plans, unparalleled city views and high-grade dual pane windows.

Interior finishes include custom cabinetry with nickel finish hardware, large walk-in closets, white quartz countertops with undermount stainless steel sinks, commercial kitchen faucets, high grade appliances and Smart box technology wiring throughout for wiring and Wi-Fi. The community’s units include nine studios, 60 one-bedrooms and 11 two-bedroom floorplans with an average apartment size of 832 square feet. 

The contemporary design of the property includes a variety of elements popular with residents.  A private underground garage offers parking with elevator access to units. Spacious patios, entertaining decks and private patios provide desired outdoor access. Secured resident bike storage and FOB-activated unit entry supply the latest in security systems. The street-level retail and restaurants offer in-unit delivery service and the community provides digital package delivery lockers.

About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.

Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers and LinkedIn.

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


Related Experts

Cindy Cooke

Senior Executive Vice President

Phoenix

As a senior executive vice president with Colliers International, I lead the Cooke Multifamily Team—one of the top multifamily teams in the nation. Our team members are Brad Cooke, Chris Roach, Matt Roach, Teresa Lowery, Ron Cameron, Thomas Brophy, Nicholas Solo, Aimee Healy and Kellyanne Kennedy.

With more than 38 years of experience specializing in multifamily, I provide the market insight clients use in their investment decisions. My primary focus is my relationship with clients. I understand the importance of every step from evaluation to marketing, qualifying the buyer, negotiations, due diligence, financing and closing; and am involved in every aspect of the transaction from start to finish. Through a hands-on personal approach, I provide unmatched service to my clients.

The ability to maximize value, minimize risk and accelerate velocity for clients is the driving force behind all my decisions. I leverage my knowledge and relationships for the benefit of my team’s institutional and large private capital clients.

In addition to my multifamily brokerage business, I served as Interim Manager and Designated Broker for Colliers in Greater Phoenix in 2005. From global conferences in Shanghai to daily interactions with more than 150 brokers and staff, I helped lead Greater Phoenix to become one of the top Colliers’ offices worldwide.

My brokerage career started in multifamily with an emphasis on development, property assemblage, zoning and construction. Early in my career, to accommodate the needs of clients, I started my own commercial real estate brokerage and mortgage broker firm and was the sole proprietor of these companies for 10 years. I was also the partner of Blue Ridge Park Business Park, where I assembled, zoned and planned the largest business park in Raleigh, North Carolina.

View expert

Brad Cooke

Executive Vice President

Phoenix

As an executive vice president with Colliers International, I am a member of the Cooke Multifamily Team—one of the top multifamily teams in the nation. Our team includes Cindy Cooke, Chris Roach, Matt Roach, Teresa Lowery, Ron Cameron, Thomas Brophy, Nicholas Solo, Aimee Healy and Kellyanne Kennedy. My primary role is client relationships, ensuring clients’ needs are fully met and that they are aware of the current market conditions and opportunities..

My dedication to our team’s clients and hands-on personal approach has helped create long-lasting business relationships with top national and international companies. I am responsible for client communication, property tours, coordination of the due diligence process, assisting with underwriting, and market and economic analysis. My in-depth market knowledge has proven to be a valuable asset to our clients and team.

Prior to joining Colliers in 2006, I served as a designated broker/owner of Interlock Realty, a residential real estate firm, and was also the leasing agent for over one million square feet of industrial space. My career began in 2002, as an office leasing agent, and I have since been exposed to all areas of real estate. I found my passion and focus in the multifamily investment sector of commercial real estate.

View expert

Chris Roach

Associate Vice President

Phoenix

As an associate vice president with Colliers International, I am a member of the Cooke Multifamily Team—one of the top multifamily teams in the nation. Our team includes Cindy Cooke, Brad Cooke, Matt Roach, Teresa Lowery, Ron Cameron, Thomas Brophy, Nicholas Solo, Aimee Healy and Kellyanne Kennedy.

The Cooke Multifamily Team focuses on institutional and private equity assets, ranging from core plus to workforce housing across the United States.

I have emerged as a proven leader within the multifamily market, with clients that include institutional, private equity and individual investors. My in-depth understanding of both investment sales and capital markets enables me to complete complex transactions, while ensuring a smooth process for all parties.

My experience includes market rate and affordable housing, bulk condominium sales, mixed-use, new construction, land and complex value-add transactions.

Clients and colleagues find me to be diligent, persistent, knowledgeable, trustworthy and responsive. My proven track record of success within an ever-changing marketplace has allowed me to forge deep client relationships while continually achieving superior results.

I joined Colliers in 2018, with extensive experience in sales, marketing and entrepreneurship. My background in both business and sports has given me exceptional skills in sales, analysis and negotiations.

Previously, I joined ORION Investment Real Estate in Phoenix in 2014, where I was a senior vice president of multifamily investment sales.

An early source for my drive and determination was my successful college career playing Division 1 baseball.

View expert

Matt Roach

Associate Vice President

Phoenix

As an associate vice president with Colliers International, I am part of the Cooke Multifamily Team—one of the top multifamily teams in the nation. Our team includes Cindy Cooke, Brad Cooke, Chris Roach, Teresa Lowery, Ron Cameron, Thomas Brophy, Nicholas Solo, Aimee Healy and Kellyanne Kennedy.

The Cooke Multifamily Team focuses on institutional and private equity assets, ranging from core plus to workforce housing across the United States.

My analytical nature and tenacity have made me a valuable member of our team. I am well-versed in financial modeling, forecasting and strategic positioning of multifamily assets. I maintain a keen pulse on the market through macro and microeconomic drivers that can affect individual property activity.

I serve as a trusted advisor to clients through my methodical and detail-oriented approach, enabling me to understand and advance my clients’ interests. Described as dedicated, hard-working and trustworthy by clients and colleagues, I pride myself on being available, accessible and responsive.

Prior to joining Colliers, I was a vice president of multifamily investment sales with ORION Investment Real Estate in Phoenix. My background also includes equity research, previously working at D.A. Davidson and MKM Partners, both middle-market investment banks, where I focused on providing industry-leading research, data and financial modeling for institutional clients, including Fortress, Citadel, BlackRock, T. Rowe Price and Fidelity.

My wife Mariah and I currently reside in Phoenix. I am actively with my church and support various nonprofit organizations, including Arizona Foster Care and Colliers AZ Cares charitable foundation. In my free time, I enjoy traveling, hiking, photography and fishing,

View expert