DTZ announced that Cactus Forty Two Holdings, LLC, a venture formed by Joe Meyer, Southwest Next Capital Management, and Matt Cody, Cachet Homes, sold its recently completed, 200-unit Cactus Forty-2 Apartment community located at 4242 E Cactus Road in Phoenix for $36 million ($180,000 per unit). The buyer was an entity formed by Fort Worth, Texas-based Olympus Property (Chandler Wonderly, Principal, and Anthony Wonderly, Principal).
DTZ Executive Managing Directors David Fogler and Steven Nicoluzakis represented the seller during the transaction.
“This property is an excellent example of an in-fill adaptive reuse project that has outperformed other multifamily communities in the area and should continue to do so given the high barriers to entry for other new projects in this submarket,” according to Mr. Fogler.
Cactus Forty-2 was the first project developed together by the two local real estate professionals, Mr. Meyer and Mr. Cody, who have teamed up to develop luxury apartment communities in Metro Phoenix and are looking for additional opportunities in Arizona.