Colliers International of Greater Phoenix negotiated the $6,175,000 sale of Lincoln Village apartments at 2211 W. Campbell Ave. in Central Phoenix.
“Lincoln Village is a perfect example of a property purchased to take advantage of rapid rising rents in the recovering west side of Phoenix,” says Trevor Koskovich, executive vice president of Colliers International. “The local buyer benefits from terrific long-term cash flow opportunities in a very favorable lending environment.”
Koskovich, Bill Hahn and Jeff Sherman, all executive vice presidents in the Phoenix office of Colliers, negotiated the sale transaction. Arie de Jong of San Marcos, CA sold the property to Benjamin Covaciu of Phoenix. This marks an expansion of Covaciu’s existing portfolio of Metro Phoenix multifamily properties.
Lincoln Village was built in 1980 and contains 115 apartment units in nine buildings totalling 88,725 rentable square feet. The property offers 48 percent one-bedroom and 52 percent two-bedroom apartment homes that were 99 percent occupied at the time of sale.
Lincoln Village is situated on 5.03 acres of land within the Black Canyon Corridor. The apartment community is located just three blocks north of Indian School Road, a major arterial of Metro Phoenix. Several schools, nearby grocery stores and parks, surround Lincoln Village. Interstate 17 can be accessed just one mile from the property and the Metro light rail is very convenient as well.
