Cooper, Cardinal and Company LLC, a boutique multifamily investment brokerage firm headquartered in Phoenix, closed the sale of Indian Palms Apartments, a 14-unit multi-family community located in Phoenix, on Friday.
The sale price of $415,000 represents a capitalization rate of 8.18% on Proforma income. The pricing equates to $29,643 per unit or $45.60 per SF.
Jack A. Cardinal, a Managing Director of the firm, represented the seller and buyer in the transaction. “The buyer, primarily a single family real estate owner, seized on a great opportunity to expand their holdings into the multi-family space. We see great things for the buyer group to exponentially expand and diversify their business in the Phoenix multi-family market.” stated Cardinal.
The 9,100 SF apartment community, built in 1959 is situated on a 1.07-acre lot and was 64% occupied at the time of sale.
“The buyer is a hands on team who understands this submarket and is excited to get started and implement their value-add improvements to the asset,” Cardinal added.
