Cushman & Wakefield Negotiates Sale of Midtown Apartment Community
PHOENIX, Arizona – Cushman & Wakefield announced the $17.5 million ($126,811 per unit) sale of Clarendon Park, a 138-unit apartment community located at 222 W. Clarendon Avenue in Phoenix, to Phoenix-based Rincon Partners, LLC.
Brett Polachek and Jim Crews from the Cushman & Wakefield Phoenix office represented the buyer.
Built in 2002, Clarendon Park offers studio, 1- and 2-bedroom floor plans with an average unit size of 703 square feet. Totaling 97,048-square-feet, community amenities include fitness center, pool, garages, in unit washer/dryer and easy access to the Metro light rail and other public transportation.
“This purchase offers the buyer an opportunity to take advantage of the positive fundamentals taking place in this infill location,” said Polachek.
Located in the heart of Phoenix, the property is in a walkable area with quick and easy access to fine dining, museums, galleries, theater, music and major league sports facilities. In addition, the Metro light rail is less than an eight minute walk. For further commutes, the property is in close proximity to four major freeways including I-10, US 51, I-17 and US-60.