Cooper, Cardinal and Company LLC, a boutique multi-family investment brokerage firm with headquarters in Phoenix, Arizona, recently closed the transaction for Rossmore Apartments, an 26-unit multi-family community located in Glendale, Arizona near Westgate City Center and Historic Glendale District. The sale price of $635,000 represents a capitalization rate of 7.10% on Proforma income. It equates to $24,423 per unit or $42.50 per square foot.
Gary R. Cooper, a Managing Director and Jack A. Cardinal, a Managing Director of the firm, represented the Seller in the transaction. “Rossmore Apartments is a great example of the premise that commercial real estate is not a zero sum game. The Seller purchased the property in distress and did well by taking risks when others would not. The Buyers own in the area and have a great vision for the property and thus will be able to take the property to new heights creating a true win-win transaction’,” stated Cooper.
The 14,940-square foot apartment community, built in 1963 is situated on a 1.61-acre lot and was 85% occupied at the time of sale. Jack A. Cardinal added, “With recent capital improvements such as a new roof and ceramic tile flooring, the bones of this 1963 asset are rock solid. We were very pleased with the outcome of this transaction and in helping execute the exit strategy as the Exclusive Listing Agents for our opportunistic, Canadian based Seller. This was an important assignment for a repeat client in helping the client reach his market goals and reinvest the proceeds on the East Side.”