Cooper, Cardinal and Company closed on Mountain View Apartments, a 26-unit turn-key multi-family community in Phoenix.
The sale price of $725,000 represents a capitalization rate of 3.52% on in-place income and 10.14% on proforma income. It equates to $27,885 per unit or $40.28 PSF.
Gary R. Cooper, a Managing Director and Jack A. Cardinal, a Managing Director of the firm, represented the seller in the transaction.
“The Mountain View submarket has seen a significant strengthening in terms of occupancy and rental growth and has outperformed most other Phoenix submarkets in the last 4-6 quarters,” Cooper said.
The 18,000 SF apartment community, built in 1983 is situated on a 0.71-acre lot and was 81% occupied at the time of sale.
“The seller did a solid job of cleaning up the property,” Cardinal said. “The lack of new construction in the area and the strong work force housing market is what made it an attractive acquisition for the buyer.”