Cushman & Wakefield Negotiates Sale of 316-Unit Class A Apartment Community

PHOENIX, Arizona – Cushman & Wakefield represented Alliance Residential Company in the sale of Broadstone Roosevelt Row, located at 330 E. Roosevelt Street in Phoenix. AZ Roosevelt Row Apartments LLC – an entity formed by Weidner Investment Services, Inc. of Kirkland, Wash. – purchased the property for $84.2 million ($266,500 per unit).

Executive Managing Directors David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller. Fogler commented, “Broadstone Roosevelt Row is a true best-in-class urban multifamily community. Located in the heart of Roosevelt Row, the property also occupies one of the best locations in the Phoenix area.”

Broadstone Roosevelt Row is a new 316-unit Class A, luxury rental community centrally located in the heart of Downtown Phoenix’s iconic Roosevelt Row Arts District. Part of one of the only true urban, walkable neighborhoods in Phoenix, the community is steps from art galleries, restaurants, retail shops, bars and entertainment venues.

The community offers a mix of studio, one-, two-, and three-bedroom floor plans at an average size of 865-square-feet. Each apartment features gourmet kitchens with gas cooktops, energy star GE stainless-steel appliances, quartz countertops, wood-style flooring, front-load washer/dryers in units, USB charging outlets and nest thermostats. Select units also include 19-foot ceilings, wine refrigerators, walk-in closets, Sonos sound system and personal balconies/patios.

In addition to the surrounding/walkable amenity base, Broadstone Roosevelt Row features a pool and spa with private cabanas, state-of-the-art fitness facility with an outdoor yoga lawn, furnished rooftop deck with fire pits and barbeques, complimentary resident beach cruisers, smartphone resident access system, and a two-story clubhouse with chef’s kitchen, coffee bar, oversized TV, classic arcades and billiard games.

Park Brokerage is proud to announce the sales of the A&A Mobile Home Park in Porterville, California and Mountain View RV Park located in Huachuca City, Arizona.  The community in Porterville sold on March 22, 2019 and Mountain View sold on March 21, 2019.  John Sheedy represented the sellers in each transaction while procuring the California-based experienced buyers.

A&A Mobile Home Park sold for $2,050,000 ($34,200 per space) is a 60-site mobile home community located in the agricultural town of Porterville in Tulare County, California.  The park consists of mostly mobile home tenancy with a handful of recreational vehicles on the property.  All but two homes were tenant-owned.  The park had been recently upgraded to direct-billed electric and gas via the PG&E Pilot Program and was serviced by septic tanks and a private well.  The roads are paved and common area amenities consisted of a laundry room and small, unused clubhouse.  The property was in average condition at the time of sale.

Mountain View RV Park sold for $850,000 ($10,500 per space) and is an 81-space quality snowbird RV park located in between Benson and Sierra Vista near countless tourist destinations.  Mountain View is located on a 15-acre parcel and has high demand year-around from snowbirds in the winter and an increased summer occupancy due to the temperate climate and nearby tourist attractions.   The roads are paved with curbs and common area amenities include a clubhouse, two laundry rooms,  and a large dog run.  Broker believes adding an additional amenity such as a pickleball court or a pool will lead to both increased rents and occupancy.  The property is serviced by a well and septic tanks and was in excellent condition at the time of sale.

John Sheedy commented “A&A is a high cash flow deal with below-market rents that needs a quick cleanup to really increase value and provide the buyer a stable asset in an area where they have several other properties.”

“With regards to Mountain View, I believe adding an amenity or two would really drive more traffic to this clean park and allow for expansion.  The new developments planned for the area will also increase traffic.”

Please feel free to contact John for more information about this sale at 602-821-4666 or at [email protected]

Optima Kierland now opening sales in next tower – 7180 Optima Kierland

SCOTTSDALE, Ariz. – Optima Kierland Center, known for its luxurious high- rise residences, abundant amenities and world-class location, announced today that its first tower, 7120 Optima Kierland, is sold out. Optima’s next condominium tower, 7180 Optima Kierland, began sales earlier this year.

Located on Scottsdale Road and Kierland Boulevard, 7120 Optima Kierland boasts 220 residences rising up 12 stories. 7120 Optima Kierland began sales in April 2016 and closed 220 homes over a nine-month period, making it the fastest selling community in the Valley with triple the number of sales compared to the local market.

“The success of 7120 far exceeded our expectations and clearly shows that people desire upscale urban living,” said David Hovey Jr., president of Optima, the project architect, builder and developer.

Optima Kierland recently opened sales to buyers in its next tower, 7180 Optima Kierland, slated for completion in 2020. Given the success of its first tower, 7180 Optima Kierland has already received unparalleled interest, accepting over 50 contracts and reservations to date. The new condominium tower will offer 202 homes rising up 12 stories including one-, two-, and three-bedroom condominiums and penthouses priced from the $300,000s to over $2 million. Floor plans range from ~776 to ~2,704 square feet.

Buyers of 7180 Optima Kierland have the ability to expand floor plans by customizing and combining their residences to create a larger custom home. Owners in the first tower responded well to this unmatched level of customization; 83 homes were combined to create 36 custom combination homes ranging in size from ~1,950 to ~7,000 square feet.

“Having the ability to combine and customize floor plans was a huge selling point for us and takes condominium living to the next level,” said Kim Riggs, homeowner at Optima Kierland. “Living in a high-rise condominium doesn’t limit your customization abilities – at Optima Kierland you can have your dream home while still enjoying the lock and leave lifestyle.”

For 40 years, Optima has designed, developed and built architecturally significant communities in Phoenix, Scottsdale and the Chicago metropolitan area. Optima is well-known across the Valley for its award-winning and visually striking architecture, sustainable green design and lush vertical gardens. Optima has repeatedly delivered the most customizable in-demand luxury high-rise offerings.

To schedule a private appointment with an Optima Kierland sales agent, please call (480) 210- 0225. To receive more information about 7180 Optima Kierland, visit optimakierland-condos.com.