PHOENIX, AZ – Cushman & Wakefield of Arizona, Inc. negotiated the $4.05 million sale of the Briarwood Apartments, a multi-family property located at 3450 W. Missouri Ave. in Central Phoenix.
Briarwood was built in 1983 and contains seven buildings and 126 units. The property was 90 percent occupied at the time of the sale.
Edward Sibley of Phoenix sold the property to David Barnes of Vancouver, B.C., Canada. The sale price brought $32,143 per unit, which equates to $59 per square foot.
“Briarwood should benefit from the expansion taking place at Grand Canyon University,” said Brett Polachek. “The buyer plans to spend additional capital upgrading both the interior and the exterior of the property.”
Polachek and Jim Crews of Cushman & Wakefield represented the buyer in the transaction.
To learn more Polachek and Crews can be reached at 602.253.7900 in the Phoenix office of Cushman & Wakefield.