Tag Archives: cindy cooke

Carleton Club Apartments

Class-B apartment complex sells for $22.25M in Phoenix

Colliers International in Greater Phoenix recently completed the sale of the 436-unit Carleton Club Apartments, a Class B complex in Phoenix, for $22.25 million.

Phoenix-based Bruckal Developments Inc. purchased the complex located at 17425 N. 19th Ave., completed in 1984. The buyer has plans for major renovations in the near future.

Cindy Cooke, senior executive vice president of Colliers International in Greater Phoenix, and Brad Cooke, vice president of Colliers International, served as the brokers for the seller. The Cooke Multifamily Investments team has represented the seller in more than 20 transactions since 2010.

The buyer was self-represented.

“We overcame the challenge of a submarket in the beginning stages of recovery by personally contacting our key relationships and using our extensive databases to strategically seek investors who typically look for value-add properties in recovering markets,” Cindy Cooke said.

The Cooke team has maintained a strong track record of closing 97 percent of their listings over the last 30 years.

San Marin Apartments

Utah investor buys San Marin Apartments

Colliers International in Greater Phoenix recently completed the sale of the 176-unit San Marin Apartments in Tucson.

Chartwell Capital Partners of North Salt Lake, Utah, purchased the complex, located at 5650 S. Park Ave., from Bridge Investment Group Partners of Murray, Utah.

Cindy Cooke, Senior Executive Vice President of Colliers International in Greater Phoenix, and Brad Cooke, Vice President of Colliers International in Greater Phoenix, served as the brokers for the seller. The buyer was self-represented.

The garden-style apartment property, situated on 5.76 acres, was built in 1986 and began renovations in March 2011. Renovations included upgrades to common areas, new equipment for the fitness center, new playground, new barbeque area, exterior paint, landscaping, lighting, signage, pool resurfacing and asphalt repairs. Additionally, approximately 50 units have been upgraded.

“The San Marin Apartments provide a strong investment opportunity by continuing the interior renovation program started by the seller,” Brad Cooke said.

Unit mix is 88 one-bedroom apartments, 56 two-bedroom/one bathroom apartments and 32 two-bedroom/two bathroom apartments.

Summit Ridge, Colliers International

Cooke team sells multifamily portfolio in Tucson for $34.5M

Colliers International in Greater Phoenix recently completed the sale of four Class B multifamily value-add properties in Tucson for $34.65 million for the 1,166-unit portfolio.

Omninet Capital, LLC, of Beverly Hills, Calif., purchased the four properties from Gaines Investment Trust of La Jolla, Calif. The portfolio, Omninet’s first acquisition in Tucson, included:

·       Sedona Springs, 373 N. Wilmot Road

·       Sienna Ridge, 5353 E. 22nd St.

·       Summit Ridge, 1252 S. Craycroft Road

·       Verrano Park, 6850 E. Gold Links Road

Cindy Cooke, senior executive vice president of Colliers International in Greater Phoenix, and Brad Cooke, vice president of Colliers International, served as the brokers for the seller. The buyer was self-represented.

The apartments were constructed between 1973 and 1984.

“We received multiple offers on the portfolio but it was Omninet’s terms that won them the deal.  No other buyers were able to match how fast they could remove contingencies and close on the properties,” Brad Cooke said.

This sale is the largest multifamily portfolio units sold in Tucson since 2010, according to Colliers International, when Cooke Multifamily Investments closed a 2,913-unit portfolio, splitting it between two buyers, setting the previous Tucson record.

The Cooke team’s detailed knowledge of the Tucson market combined with their national connections has been a winning combination for bringing new buyers to the Tucson market.

Alante at the Islands, 2222 N. McQueen Rd., Chandler.

The P.B. Bell Companies buys 2,759 apartment units

The P.B. Bell Companies closed on the purchase of 2,759 apartment units in seven complexes throughout metropolitan Phoenix on Tuesday. The $168.5 million transaction represents the largest in company history and one of the largest sales in the Phoenix multi-family housing market since the economic downturn reset the real estate industry in 2008.

The properties were owned by Standard Fund of Arcadia, California, and include:

·         Alante at the Islands, Crosswinds and Laguna Village, all in Chandler;
·         Tuscany Palms and Whispering Meadows, both in Mesa;
·         Sienna Springs in Central Phoenix; and
·         Tela Verde in Glendale.

R. Chapin Bell, president of The P.B. Bell Companies, said cosmetic upgrades will be made to the properties in the coming months to capitalize on their existing merits and enhance their marketability. Beyond the value-add potential, he said, the acquisition reflects improving fundamentals in the local multifamily housing sector as buyers, sellers and developers respond to ongoing economic recovery. “This is a significant win for our company, and is indicative of the potential we presently see in the metro Phoenix marketplace,” he said. “With apartment vacancy rates hovering at around 5 percent, the rental housing market continues to have a long runway.”

Chief Financial Officer Jeff Thompson noted the importance of the diverse and robust acquisition team that worked extremely well in executing a transaction of this magnitude, and praised each member for his or her contribution. “From our equity partner, mortgage brokers and lender, to our internal and external due diligence and real estate operations people, each professional on the team played a key role in carrying this deal across the finish line,” Thompson said.

Cindy and Brad Cooke of Colliers International in Phoenix brokered the transaction. Equity was provided by Stonecutter Capital Management of New York.  Mortgage broker Seth Grossman, head of Meridian Capital Group’s San Diego, California office; Ryan Gandel, also of Meridian Capital Group; and Prime Finance Partners were also involved in the transaction.

Philip Lake, director of acquisitions, said The P.B. Bell Companies intends to use the transaction as a springboard to acquire more product. “We’ve set an aggressive acquisition strategy for 2014 and beyond, and these seven properties are representative of the velocity of our growth projections,” he said. “We will continue to search out projects that will help us meet our goals.”

Metro Value Add Portfolio, Colliers, WEB

Colliers’ Cooke Team brokers largest multifamily portfolio in Phoenix

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

Crosswinds

868 S. Arizona Ave., Chandler

Class B, 374 Units, Built in 1985

Laguna Village

102 W. Palomino Drive, Chandler

Class B, 460 Units, Built in 1985

Tuscany Palms

901 S. Country Club Drive, Mesa

Class B, 582 Units, Built in 1986

Whispering Meadows

1050 S. Longmore St., Mesa

Class B, 432 Units, Built in 1979

Sienna Springs

5128 N. 15th St., Phoenix

Class B, 395 Units, Built in 1973

Tela Verde

5020 W. Thunderbird Road, Glendale

Class B, 196 Units, Built in 1984

Left to right, from top: Cindy Cooke, Bill Hahn, Trevor Koskovich, Keith Lambeth, Bill Littleton, Don Macwilliam, Payson Macwilliam, Todd Noel, Jeff Sherman.

Phoenix Brokers Are Among Top at Colliers International

Colliers International in Greater Phoenix’s national office recently honored brokers for their financial achievements, ranking nine of them in the top 10 percent of brokers in the United States, Canada and Latin America.  

The brokers were recently recognized as 2013 Everest Club qualifiers at a reception in Atlanta during the Colliers International 2013 Americas Conference.

“The foundation of our success is the strength, expertise and depth of our staff,” said Bob Mulhern, the managing director of Colliers International in Greater Phoenix. “We are very proud of our top brokers who provide outstanding service to help our clients accelerate their businesses.”

 

2013 Everest Club honorees:

·       Cindy Cooke, Executive Vice President

·       Bill Hahn, Senior Vice President

·       Trevor Koskovich, Vice President

·       Keith Lambeth, Senior Vice President

·       Bill Littleton, Senior Vice President

·       Don MacWilliam, Senior Vice President

·       Payson MacWilliam, Senior Vice President

·       Todd Noel, Senior Vice President

·       Jeff Sherman, Vice President