Phoenix, Arizona –The Los Compadres Apartments in Phoenix sold for $2,400,000 ($25,000 per unit). The 96-unit multifamily complex is located at 3518 W. Dunlap Avenue in Phoenix, AZ.
Neil Sherman and Carrick Sears, multifamily specialists with Sperry Van Ness in Phoenix, represented the investor, Pat Stojak of Cojak Properties, LLLP, in the purchase of Los Compadres Apartments.
“I was happy to acquire an amazing multifamily deal at $25k/unit and $25/SF,” said Pat Stojak of Cojak Properties. “Carrick Sears and Neil Sherman were instrumental in bringing us this opportunity and helping us bring it to fruition given the complexity of the purchase with the neighboring condos. We are looking forward to adding another 96-units to our multifamily portfolio.”
“The existing portfolio has been enjoying close to 95% occupancy due to management provided by Cojak Properties by its manager Les Boynton and his team at Second Chance Rentals,” said Sears. “Les can take almost any property and get up to 90% occupancy within 90 days.”
“This was an interesting deal, almost like a broken condo project, but not quite, as all 96-units were on one tax parcel, but adjacent to condos that were sold off individually during a prior conversion,” said Sears of Sperry Van Ness. “This property has excellent street frontage and visibility to attract tenants and a large main office to make it a viable opportunity.”
The complex is in the North Mountain neighborhood of Phoenix. Nearby parks include Cortez Park, Hoshoni Park and Sunset Park; 3518 West Dunlap Avenue has a Walk Score of 57 out of 100 so is ‘Somewhat Walkable’ for some errands to be accomplished on foot and a bike score of 67 out of 100.
The seller, DJS Los/Com was represented by Dawn Demarco of CityWalk Real Estate in Scottsdale.
Sherman and Sears should be reached at (480) 425-5500 for more information and Demarco is at (602) 820-2600.