Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of Cambridge Court, a 286-unit value-add multi-housing asset in Phoenix. The $24 million sales price equates to nearly $84,000 per unit.
“Positioned along 7th Street north of Camelback Road at the center of Phoenix’s growing urban core and with walkability to some of the region’s newest and most coveted restaurants, Cambridge Court represents the epitome of a value-add multifamily opportunity,” says Cliff David, Marcus & Millichap senior managing director. “The acquisition offers the opportunity to significantly transform the asset after previous ownership enjoyed nearly 23 years of consecutive ownership. The business plan calls for execution of an interior renovation program and the activation of several common area amenity spaces.”
David, and Steve Gebing, IPA senior managing director, represented the seller, CRSC Residential Inc., and procured the buyer, Pacific Real Estate Partners Inc.
Built in 1970 on more than five acres, Cambridge Court is less than one mile east and three miles north of the Central Avenue Office Corridor and Downtown Phoenix, the largest concentration of employment in Arizona. One of the most popular boutique dining and nightlife destinations in Central Phoenix, the 7th Street thoroughfare, is within walking distance and Cinema Park Village Shopping Center, a 128,222-square-foot neighborhood shopping center, is within a half-mile. The Central Avenue and Camelback Road Valley Metro light rail stop is approximately one mile from the property. Cambridge Court is a 154,005-net-rentable-square-foot community enhanced by two swimming pools, a basketball/tennis court and two community laundry care centers.