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