Cushman & Wakefield of Arizona, Inc. negotiated the $8,528,000 sale of Acacia Pointe Apartments, located at 8344 N. 67th Avenue in Glendale, Ariz.
Paradise Urban Apartments, LLC dba Bank of America sold the property to Acacia Pointe, LLC of Chandler. The 208-unit property was built in 1985 and is regarded as a well-maintained asset with value-add opportunity. The sale equates to $41,000 per unit and $66.56 per square foot.
“The purchase of the Acacia Point apartments at well below replacement cost will give the new owner an opportunity to take advantage of the expected growth in the Northwest multifamily submarket of Phoenix,” said Jim Crews, senior director with Cushman & Wakefield. “This area is expected to grow faster than other areas of Phoenix.”
Crews and Brett Polachek of Cushamn &Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the transaction. Joe Dietz of US Investment Realty represented the buyer.
For more information Crews can be reached at (602) 229-5992 and Polacheck is at (602) 229-5989. Dietz can be contacted at (480) 557-7503.