Cooper, Cardinal and Company recently closed the off-market transaction for Villa de Seville Apartments, a 42-unit multi-family community on 16th St. just north of Bethany Home Rd. in Phoenix.
The sale price of $1.545M represents a capitalization rate of 2.80% on in-place income and is $36,786 per unit or $53.09 PSF.
Gary R. Cooper, a Managing Director and Jack A. Cardinal, a Managing Director of the firm, represented the buyer in the transaction.
“Villa de Seville was facing occupancy and deferred maintenance challenges at the time of sale and was ripe for repositioning due to its excellent location,” Cooper said.
The 29,290 SF apartment community, built in 1980 is situated on a 1.41-acre lot and was less than 60% occupied at the time of sale.
“The buyer is a local investor and has a strong vision of what this location and occupancy is capable of,” Cardinal said.