Tag Archives: Brett Polachek

Briarwood Apartments

126-unit Briarwood Apartments sell for $4.05M

Cushman & Wakefield of Arizona, Inc. negotiated the $4.05 million sale of the Briarwood Apartments, a multi-family property located at 3450 W. Missouri Ave., in Phoenix.

Briarwood was built in 1983 and contains seven buildings and 126 units. The property was 90 percent occupied at the time of the sale.

Edward Sibley of Phoenix sold the property to David Barnes of Vancouver, B.C., Canada.  The sale price brought $32,143 per unit, which equates to $59 per square foot.

“Briarwood should benefit from the expansion taking place at Grand Canyon University,” said Brett Polachek. “The buyer plans to spend additional capital upgrading both the interior and the exterior of the property.”

Polachek and Jim Crews of Cushman & Wakefield represented the buyer in the transaction.

 

Colonade Apartments, WEB

Colonnade Apartments sell for $25.5M

Cushman & Wakefield of Arizona’s Multifamily Advisory Group recently negotiated the $25.5 million sale of The Colonnade Apartments, a 415-unit multifamily property located at 1930 E. Camelback Road.

Built in 1968/1973, The Colonnade is an urban, garden-style apartment community located in the heart of the Camelback Corridor, providing a live-work-play experience for residents. The property is 257,648 square feet with 27 buildings and features well-designed, desirable studio, one- and two-bedroom floor plans.

The property benefits from drive-by exposure on Camelback Road with ease of access to the SR-51 and close proximity to the high-end office complexes at 24th Street and Camelback Road.  It is also within one-half mile of the Biltmore Fashion Park and the Biltmore Resort and Golf Course.

“This urban in-fill location with frontage on Camelback Road really got the attention of the investment community,” said Jim Crews. “We had significant interest from numerous groups with varying business plans that includes rehab/value add and redevelopment.”

Gelt Inc. of Tarzana, Calif., sold the property to MCS Capital Partners of Phoenix. The sale price brought $61,446 per unit, which equates to $98.97 per square foot, and was 94 percent occupied at the time of the sale.

Crews and Brett Polachek of Cushman & Wakefield, both Senior Directors, represented the seller in the transaction.

Cushman & Wakefield

Shoppes at the Islands Sells for $2.1M

Cushman & Wakefield of Arizona, Inc. has negotiated the $2.1M sale of 11.4 acres, known as the Shoppes at the Islands land, located on the SEC of Warner and McQueen roads in Gilbert. The property will be the site of a future home community.

Genica Arizona, LLC, a partnership based in Chilliwack, British Columbia purchased the property from Starwood Asset Management, LLC of Greenwich, CT.

Genica Arizona, LLC plans to develop a single-family home community on the land. The timeline for the development is scheduled to start in the near future.

Jim Crews, Brett Polachek and Adam Madison of Cushman & Wakefield represented the seller in the transaction. Aaron Carson of Carson Commercial, LLC represented the buyer.

rsz_brookstone

Cushman & Wakefield Negotiates Bascom Group's $77M Purchase of 3 Multi-family Complexes

 

Cushman & Wakefield of Arizona, Inc. announced the purchase of three Valley multi-family complexes by The Bascom Group, for $77M.

The Irvine, Calif.-based company, represented by Jim Crews, Brett Polachek and Tara Lewis of Cushman & Wakefield, completed the purchases of properties in Avondale, Mesa and Phoenix during the past 14 days.

Coldwater Springs Apartments, 12115 W. Van Buren Ave., was purchased for $27.2M. The 301-unit complex was built in 2007 and is 92% occupied. The apartment homes range in size from 705 to 1,241 SF in one, two and three-bedroom configurations.

The property features a movie theater, fitness center, clubhouse and business center. Bascom Arizona Ventures, LLC served as the Arizona partnership of The Bascom Group in the sale. The seller was Coldwater Springs Apartments LLC, a partnership led by Fore Property Co. of Las Vegas.

The Bascom Group also purchased Madera Point at 445 S. Dobson Rd. in Mesa. The 256-unit complex was built in 1985 and most of the units have been fully upgraded. The buyer purchased the complex from Texas-based Variable Annuity Life Insurance Company for a price of $14.35M.

Brookstone at the Foothills, 4424 E. Baseline Rd. in Phoenix (above photo), also was purchased by The Bascom Group for $35.57M. The 528-unit complex of apartment homes was built in 1986 and features more than 70% two and three-bedroom units. The upgraded complex offers an average unit size of 894 SF and is very well leased. Variable Annuity Life Insurance Company also was the seller of this two-story complex

“The Bascom Group focuses its attention on acquiring value-added, multi-family properties. The company was very successful with a previous cycle of acquisitions in Arizona during 2004 and 2005,” says Crews, senior director with Cushman & Wakefield of Arizona, Inc.

“These recent acquisitions were either recently built or recently renovated properties that were purchased at well below replacement cost. This is a strategic time to purchase highly amenitized multi-family properties in Metro Phoenix and we expect this client will be highly successful with these investments.”