Phoenix, Arizona – Neil Sherman and Carrick Sears, multifamily specialists in the Phoenix office of Sperry Van Ness, negotiated the $2,825,000 ($47,083 per unit) sale of Country Aire Apartments located at 1701 N. Palo Verde Drive in Goodyear, AZ.
The buyer, Univest, Inc of Newport Beach, CA, purchased the 60-unit complex from Industrial Alliance Pacific Insurance & Financial Services Inc. Sherman and Sears represented both parties in the transaction.
Country Aire Apartments is a condominium community developed in 1982 which has historically been operated as a rental apartment complex. The property is individually metered for electricity and all units except one are two bedroom, one bath flats.
According to Sherman, “Industrial Alliance foreclosed on this asset in early 2012, and subsequently invested quite a bit of time and money into improving and repositioning the property. At the time of sale it was arguably one of the nicest rental communities in that submarket”.
CBRE negotiated the following multi-family sales transaction(s):
7102 North 43rd Avenue Partners, LLC of Denver, Colo. has purchased the Paradise Vista apartment complex, a 352-unit multi-family property located at 7102 N. 43rd Ave. in Glendale, Ariz., from Paradise Vista Affordable Apartments, LLC of San Diego, Calif. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both parties in negotiating the $7 million transaction ($19,886 per unit).
Carol Mary, LLC of Phoenix, Ariz. has purchased the Carol Mary apartment complex, a 40-unit multi-family property located at 501 East Willetta in Phoenix, Ariz., from EQ Downtown, LLC of Tempe, Ariz. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both parties in negotiating the $3 million transaction ($75,000 per unit).
M & S Continental, LLC of Phoenix, Ariz. has purchased the Continental Apartments, a 48-unit multi-family property located at 1030 N. 3rd St. in Phoenix, from EQ Downtown, LLC of Tempe, Ariz. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both parties in negotiating the $2.3 million transaction ($47,917 per unit).
For more information, Sherman can be reached at (480)425-5504 and Sears is at (480) 425-5529. Smuckler can be contacted at (602) 735-5688 and Seaman is at (602) 735-5634.