Cooper, Cardinal and Company LLC, a boutique multi-family investment brokerage firm with headquarters in Phoenix, recently closed the transaction for Las Casitas Apartments, a 10-unit turn-key multi-family community located in Phoenix, Arizona. The sale price of $425,000 represents a capitalization rate of 7.75% on Proforma income. It equates to $42,500 per unit or $60.02 per square foot.
Gary R. Cooper, a Managing Director and Jack A. Cardinal, a Managing Director of the firm, represented the seller in the transaction. ‘We represented the Seller when he acquired Las Casitas and provides a textbook example of an Owner utilizing value-add strategies to increase the value of the underlying property.” stated Cooper.
The 7,080-square foot apartment community, built in 1964 is situated on a 0.72-acre lot and was 100% occupied at the time of sale. Jack A. Cardinal added, “The Seller successfully updated the curb appeal of the property. With the light rail just steps away, this location is desirable for many renters.”