A Los Angeles-based property firm sold a 561-unit community in Phoenix for $36.25 million, according to Cushman & Wakefield.
B.H. Properties sold the property to Phoenix-based 3rd Avenue Investments LLC.
The apartment community, Madera Court, was built in 1982, and is considered to be a great property for interior and exterior renovations, according to Cushman & Wakefield.
The property is located at 8135 N. 35th Ave. And 3221 W. El Camino Dr., in Phoenix. Jim Crews and Brett Polachek from Cushman & Wakefield represented B.H. Properties in the deal, the sellers.
The property is situated on 18.6 acres offering studio, 1- and 2-bedroom floor plans with an average unit size of 703 square feet.
Potential renovations include new appliance packages, flooring, painting, washers and dryers, fitness center, clubhouse and leasing center.
“This acquisition gives the buyer the opportunity to upgrade the common areas and unit interiors in this re-gentrifying area of North Central Phoenix. The area continues to see increased job growth and improved multi-family operations due to a general increase in Phoenix’s economic conditions,” said Crews
Madera Court has excellent curb appeal and good visibility on 35th Avenue, which accentuates the community’s amenities package including four swimming pools, four spas, covered parking, four laundry facilities and grilling areas.
The property is in close proximity to I-17 and US-60 and is situated on the METRO bus line. In addition, the METRO Light Rail is less than three miles from the property.
