Cushman & Wakefield of Arizona, Inc. negotiated the $8.528M sale of Acacia Pointe Apartments, located at 8344 N. 67th Ave. in Glendale.
Paradise Urban Apartments, LLC dba Bank of America sold the property to Acacia Pointe, LLC of Chandler. The 208-unit property was built in 1985 and is regarded as a well-maintained asset with value-add opportunity. The sale equates to $41,000 per unit and $66.56 per square foot.
“The purchase of the Acacia Point apartments at well below replacement cost will give the new owner an opportunity to take advantage of the expected growth in the Northwest multifamily submarket of Phoenix,” said Jim Crews, senior director with C&W. “This area is expected to grow faster than other areas of Phoenix.”
Crews and Brett Polachek of C&W’s Multifamily Advisory Group represented the seller in the transaction. Joe Dietz of US Investment Realty represented the buyer.
Update:
Cohen Financial, a national real estate capital services firm, announced Nov. 20 that its Phoenix office has secured a $5.474M acquisition loan for Acacia Pointe, a multifamily property consisting of 208 apartments located at 8344 N. 67th Ave. in Glendale. The property is well occupied with stable operations.
Brandon Harrington, Cohen Financial Managing Director, and Matt Steffen, Cohen Financial Vice President, both in the Phoenix office, originated the fixed-rate, five-year term loan with a 30-year amortization rate. The lender for Acacia Pointe was Walker & Dunlop, a Fannie Mae lender for multi-family housing. The borrower is a local commercial real estate investor.
“Our client relied heavily on our expertise of agency underwriting parameters to help maximize loan proceeds during a period of interest rate fluctuation,” said Mr. Harrington.
