Phoenix, AZ – The Village of Oak Creek, Arizona may be unfamiliar to most people, but it is just another name for the community in Sedona, which is located off Slide Rock Rd. Sperry Commercial-Insignia CRE represented the buyer and the seller in the transaction which sold for $4,050,000 at a 5.06% cap rate.
The property is located at 35 Slide Rock Rd., which is off Hwy 179, just south of Castle Rock Rd. The 17,457SF property was built in 1990 and sits on an acre and a half. There are 24 units with 18 one bedroom/1 bath and 6 two bedrooms/1 bath, spread across four buildings. Each unit sold for $168,750. Senior Associate Dana Hearon with Insignia CRE stated, “The transaction started with a cold call. They wanted to get out of the multifamily business and wanted to liquidate their final asset.” The sellers also did not want to market the property, but Hearon had already spoken with a buyer who was specifically looking for commercial real estate investments in Sedona, so everything seemed to fall into place. “Once we worked out the price and terms of the agreement, it was a seamless transaction,” said Hearon.
The seller, American Building Company GP, an out-of-state investor from Montana, wanted to get out of the commercial real estate investment business, while the Scottsdale buyer, Fox 1 Financial owns several multifamily properties in Yavapai County.
For more information Hearon can be reached at (602) 566-7203 or [email protected].