Cooper, Cardinal and Company Completes Sale of 2 Multi-Family Assets in Phoenix
Cooper, Cardinal and Company recently closed the sale of two small investment transactions.
Las Casitas Apartments, a 10-unit multi-family community is located in the Phoenix Central North submarket and 4th Street Apartments, a 4-unit multi-family community is located in the Central Corridor near the intersection of 4th St. and Indian School Rd.
Gary R. Cooper, a Managing Director and Jack A. Cardinal, a Managing Director, represented the buyers in both transactions. Las Casitas Apartments sold for $307,000, which represents a capitalization rate of 5.50% and is $30,700 per unit or $43.36 PSF.
The 7,080 SF apartment community, built in 1964 was fully occupied at the time of sale.
“The California investor thought it was a great time to get into the Phoenix market,” Cardinal said, “and offered yield unavailable in the Southern California market.”
4th Street Apartments sold for $300,000, which represents a capitalization rate of 6.1% and is $75,000 per unit or $109 PSF. This all two-bedroom property was also 100% occupied and has recently remodeled interiors and sold to an Iowa based family trust.
“This was a smart capital preservation play that offered growth potential and a reasonable yield for the family trust,” Cooper said.
••• Cooper Cardinal is a highly focused, boutique multifamily real estate brokerage firm.