New York investor acquires Acacia Lofts multifamily community in Casa Grande

New owner plans to complete build-out of community

Phoenix, September 15, 2020 – New York-based Diamond Equity Partners purchased Acacia Lofts in Casa Grande, Arizona, for $4.91 million. The company plans to complete the build-out of the community. Phase I was originally constructed in 2008.  

“Casa Grande is showing signs of economic growth with the announcements from Lucid, Nacero and Nikola. This city has not seen any new multifamily construction since 2008, yet it has seen a 20 percent population growth this cycle,” says Chris Roach with Colliers International in Arizona. “With vacancy rates at historical lows and Phoenix metro leading the nation in rent growth, Casa Grande is ripe for multifamily development. Our buyer closed on this project with all cash and will look to build out the remainder of the project at some point.”
 
Diamond Equity Partners, based in Monsey, New York, purchased the property from Praxis Capital, Inc., of Santa Rosa, California. The sale was negotiated by Chris Roach, Brad Cooke, John Finnegan and Matt Roach of Colliers in Arizona.  

Located at 1456 E. 9th Street in Casa Grande, Acacia Lofts features Class A, condo-quality units. The property currently includes 28 individually platted units, totaling 41,140 rentable square feet. Prior to Praxis acquiring the property, the original developer spent more than $9 million to purchase land, develop infrastructure and construct the existing 28 units. Those units, which average 1,622 square feet, are 100 percent occupied.

Phase II of the project will involve 152 additional platted lots on 11.98 acres. Units at Acacia Lofts include both two- and three-bedroom floorplans. The fully gated community features a pool, barbecues, playground and sand volleyball court.

About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. 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 40 years.


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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.

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Working closely with clients, Brad helps determine and refine their objectives and guide them in successfully buying or selling a property or portfolio, while also growing their business. He provides critical market data and analysis to enable clients to quickly capitalize on emerging opportunities and realize optimal property value.

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