PHOENIX, ARIZONA, November 1, 2022 - Montana on Butler, previously known as Cedar Ridge Apartments, a 150-unit apartment complex located on Butler Drive, just West of 19th Avenue, sold this week in an off-market transaction for $24,000,000, $160,000 per door, or $253.87 per square foot. Business partners, Linda Fritz-Salazar and Angelessa Ritchie represented both the buyer and the seller in the transaction. The buyer, Artisan Prime is a joint venture between Beverly Hills based Artisan Capital and Newport Beach based Prime Capital Investments.
Prime Capital Investments, LLC., is a real estate investment firm with over 20 years’ experience in multifamily in Southern California, Arizona, and the Carolinas. Cedar Ridge is their fifth acquisition in Arizona. Artisan Capital (“AC”) is a real estate investment firm whose primary investment strategy is to scale real estate investment companies by pursuing programmatic GP Equity Co-Investments and entity/corporate-level investments with established operating partners. Additionally, AC acquires multifamily investments directly.
Montana on Butler is strategically positioned in an Opportunity Zone Corridor near the intersection of 19th Avenue and Dunlap Avenue. The project is in proximity of Interstate 17, with a dense population of over 443,933 residents and over 162,497 employees, within a five-mile radius.
The project is three miles from the new Northwest Light Rail Extension and the $750 Million, Metrocenter Mixed-Use Redevelopment, due to deliver in 2024. The Developer of Metrocenter has formed a strategic alliance to redevelop and repurpose the mall into a “community-driven walkable village that will be home to a variety of residential apartments, curated boutiques, popular retail stores, restaurants, bars, a town-center park, and other commercial and entertainment venues”.
Montana on Butler offers the buyers a lucrative opportunity to capitalize on fulfilling a strong market demand in a booming business and development corridor. Major companies within a 10-minute drive include Honeywell, Grand Canyon University, Discover, General Dynamics, BlueCross BlueShield, Abrazo, American Express, and many more.
Greg Khodara and Danny Flores, Principals of Artisan Prime commented on the transaction, “We are excited about the prospects of North Phoenix’s submarket and the Phoenix MSA as a whole. We look forward to deploy more capital in the western US in the coming months.”
Brokers, Linda Fritz-Salazar and Angelessa Ritchie said, “This is the second acquisition in Metro Phoenix that we’ve had the pleasure of working on with the Buyer and the first with the Seller. We worked together with both the Buyer and Seller to navigate through the recent change in the Debt and Equity Markets for a successful closing. We want to congratulate both parties on a job well done!”