PHOENIX – Emma Capital Properties Inc. of Toronto, Ontario, purchased the property at 5215 W. Peoria Avenue in Glendale AZ, from Cedar Court Condominiums LLLC of Glendale for $6.25 million ($53,879 per unit).
The sale of Cedar Court in Glendale, a 116-unit Class B multifamily complex was handled by Colliers International in Greater Phoenix recently.
Bill Hahn, Jeffrey Sherman, and Trevor Koskovich, senior vice presidents with Colliers International’s HSK Multifamily Southwest team, represented both buyer and seller.
Built in 1986, Cedar Court has 77,408-square-feet, in seven two-and three-story buildings, positioned on 4.07 acres. The community has 56-one bed/one bath units with 580-square-feet, 24-one bed/one bath units with 630-square-feet; and 36-two bed/two bath units with 828-square-feet.
The condominiums are within two miles of Arizona State University West and Glendale Community College, and just over three miles from the Thunderbird School of Global Management. Other nearby employment centers include the Aurora Behavioral Health System and the Banner Thunderbird Medical Center. Cedar Creek is three miles away from Interstate-17.
“The buyer was attracted to the high-quality design and construction of this 1980s-era property. This was clearly an A-quality property at the time it was built,” said Hahn.
Colliers HSK Multifamily Southwest uses the extensive resources of Colliers International to assist in debt placement, investment sales, and appraisal services. The team achieves a high market share of B and C-quality multifamily asset sales by ensuring strong and efficient systems are in place for the marketing, acquisition, and disposition of properties. This superior service makes Colliers HSK Multifamily Southwest a leader in Arizona, New Mexico, Nevada, and Texas.
To learn more Hahn, Sherman and Koskovich can be reached in the Phoenix office at 602.222.5000.