ALDA 2011, LLC of Paradise Valley, AZ purchased Pierson Place Apartments, a 28-unit multifamily property located at 365 W. Pierson St. in Phoenix AZ for $1 million ($35,700 per unit). The 19,100 square feet garden style 2-story apartments was built in 1960 on .87 acre and sold in an REO sale.
Pierson Place is a 28-unit garden-style apartment community located in a dynamic central Phoenix neighborhood with high barriers to entry. Built in 1960, the property is made of block construction with built-up foam roofs, and is master-metered for electricity. The unit mix consists of 8 one-bedroom and 20 two-bedroom floor plans that are spacious and well designed. Interior unit amenities include fully appointed kitchens with oak cabinetry and electric appliances, linen closets, vertical blinds and ceiling fans. The property is situated on approximately 0.87 acres and is landscaped with turf, palms and mature shade trees. Community Amenities include an attractive courtyard with a sparkling swimming pool, a laundry facility with additional storage rooms and covered parking.
According to Brian Smuckler of CBRE, “Pierson Place offers a unique value-add/reposition opportunity in an irreplaceable central Phoenix location. The subject property has tremendous upside by implementing interior and community enhancements.”
Interior upgrades include new appliances, flooring, window coverings, light fixtures and hardware. Exterior capital requirements include exterior paint, roof/fascia replacement, landscaping, signage and HVAC replacement.
Smuckler added, “By implementing these enhancements, a seasoned investor has the ability to rebrand the community to match the strength of the submarket by creating a vintage boutique-style community with affordable rents in a core location.”
Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented the investor and the seller, LSREF2 APEX (AZ) LLC of Dallas, Texas, in negotiating the transaction.
Smuckler can be reached at (602) 735-5688 and Seaman is at (602) 735-5634.
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[ismember]Property was marketed at an 8.93% cap rate. APN #155-35-009E[/ismember]