The Cooke Multifamily Investments Team at Colliers International in Greater Phoenix completed the sale of a 2,759 unit-multifamily portfolio for $168.5 million. To date, the largest multifamily portfolio closed in Metro Phoenix and it could hold the record for 2014.
The size of this Class A and Class B Value-Add Metro Phoenix Portfolio attracted attention from investors around the world, but it was a local investor that was awarded the deal. P.B. Bell of Scottsdale partnered with Stonecutter of New York City to purchase the portfolio from Standard Phoenix Fund of Arcadia, Calif.
Cindy Cooke, senior executive vice president of Colliers International, and Brad Cooke, vice president of Colliers International, served as the brokers for the seller. The buyer was self-represented.
“It was P.B. Bell’s in-depth knowledge of the assets and submarkets that helped separate them from the other buyers. We were impressed with their upfront due diligence and ability to transfer their local knowledge to their New York equity partner. They executed the transaction smoothly and even removed contingencies a day early,” Cindy Cooke said.
The Cooke Team provided attentive support to buyer and seller to ensure that they felt well informed and cared for. Delivery of world-class expertise combined with strategic navigation of skills allowed a team approach between all parties for a seamless transaction.
“Having a local company that has been imbedded in the Valley of the Sun since 1976 step up to make their largest acquisition ever shows the strength of the current Phoenix apartment market. This portfolio of seven properties represented exactly that. The properties’ strong locations with stable occupancy of 96% set it up for a perfect position for upgrading the interiors and improving the exterior. P.B. Bell intends to use the transaction as a springboard to acquire more product.” Brad Cooke said.
The Cooke team was hired by Standard Phoenix Fund due to their strong track record of closing portfolios at or above their target prices. This is the second time the Cooke team has sold these seven assets; the first time as part of a 12-property portfolio in 2007 for $427.5 million, which is still the largest multifamily deal ever in Phoenix.
Five of the properties are located in the highly sought-after Southeast Valley submarket, one is located in the prestigious Camelback Corridor and one is located across from Arizona State University’s West Campus. The properties:
Alante at the Islands
2222 N. McQueen Road, Chandler
Class A, 320 Units, Built in 1996
868 S. Arizona Ave., Chandler
Class B, 374 Units, Built in 1985
102 W. Palomino Drive, Chandler
Class B, 460 Units, Built in 1985
901 S. Country Club Drive, Mesa
Class B, 582 Units, Built in 1986
1050 S. Longmore St., Mesa
Class B, 432 Units, Built in 1979
5128 N. 15th St., Phoenix
Class B, 395 Units, Built in 1973
5020 W. Thunderbird Road, Glendale
Class B, 196 Units, Built in 1984