PHOENIX — This week, Pueblo de Rosa, a 13 unit apartment complex with superior Biltmore Foothills positioning, sold for the second time this year just a few weeks after it’s previous sale. Zack Mishkin of ORION Investment Real Estate represented the Buyer in the previous sale, Andre Golnazarian, and represented him again as the Seller in this sale. Paul Bay of Marcus & Millichap represented the Buyer in the sale, 40th St Communities LLC. Pueblo de Rosa sold this week for $1,852,000 or $142,462 a door, which is $42,078 more a door than the August 2020 sale. Pueblo de Rosa was constructed in 1969 and is comprised entirely of two bedroom/one bathroom units, which were 61% occupied at the close of escrow.
Located in the outstanding Biltmore Foothills neighborhood, tenants are offered a plethora of dining, shopping, and entertainment options. Just a few minutes from the Biltmore Fashion Park and Camelback Esplanade, the area also offers strong employment options. Considered by many, ‘The Jewel of the Desert,’ the Biltmore area has served as a historical landmark, attracting visitors from around the globe to shop, stay and play. The area also offers easy access to multiple major freeways, and is only a few miles from the Phoenix International Skyharbor Airport.
Zack Mishkin commented on the transaction, “The Buyer owns an abutting apartment complex and plans on combining both communities, offering shared amenities and increasing the overall quality and tenant experience for both communities. This Biltmore Foothills submarket is booming with new development around every turn, it’s chalked full of high quality tenancy, and the location is fantastic. This should prove to be a great opportunity for the purchaser.