Cushman & Wakefield Negotiates Sale to Clear Sky Capital
PHOENIX, Arizona – Cushman & Wakefield completed the sale of Mission Palms, located at 6131 North 16th Street in Phoenix. Phoenix-based Clear Sky RES Properties, an entity formed by Clear Sky Capital, purchased the property from JM Emerson, LLC of Cherry Hills Village, Colo. for $16 million ($128,000 per unit).
Executive Managing Directors David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller.
Mission Palms is a 125-unit, boutique garden-style apartment community located in North Central Phoenix. The property’s location on North 16th Street provides easy access to Camelback Corridor, Midtown and Downtown as well as Biltmore Fashion Park, the AZ-51 and the Phoenix Mountain Preserve.
Offering one- and two-bedroom options, Mission Palms has an average unit size of 833-square-feet. Built in 1975, unit interiors include all-electric kitchens, spacious walk-in closets and private patios/balconies.
“The buyer plans to significantly improve Mission Palms to take advantage of the recent dynamic growth in the North Central area,” said David Fogler.