Payson, Arizona, January 6, 2023 – Taylor Street Advisors, a leading commercial real estate investment advisory firm in Phoenix, Arizona, today announced the sale of Aspen Cove Apartments, an apartment community located in Payson, Arizona. The asset commanded a sales price of $11,000,000 or $186,441 per unit.
Brian Tranetzki, Anton Laakso and Tom Beniamen, multifamily investment specialists, had the exclusive listing and negotiated the transaction on behalf of the seller, a local private investment group and the buyer, an out-of-state 1031 Exchange investor.
“Aspen Cove is an attractive 59-unit garden-style apartment community located in the heart of Payson, AZ, a bustling community located just an hour and a half from Phoenix. Built in 1984 of stick-built construction and pitched roofs, this property is individually metered for electricity, contains individual hot water heaters and all the units are outfitted with full kitchens including dishwashers. Additionally, the property is ideally positioned near both Payson Christian School, within a quarter mile, and Payson High School less than two miles away,” says Tranetzki.
The property is located at 801 E Frontier St, Payson, Arizona 85541.
“Payson Arizona is an hour and a half from Phoenix and a scenic 75-minute drive from Scottsdale, nestled in the world’s largest stand of Ponderosa Pines alongside the luxury home golf community of Chaparral Pines, an 18-hole, par-72 masterpiece designed by a former U.S. Open and PGA Champion. With a perfectly mild four seasons, nearly every single day is a good day to golf in Payson without the summer and winter weather getting in the way,” adds Beniamen