Union @ Roosevelt sells to investor for $27M

Real Estate | 24 Jan |

Union @ Roosevelt, a recently developed mixed-use project within the popular Roosevelt Row district of Downtown, has been sold to a Chicago-based investor for $27 million.  Located at 888 N. 1st Ave., features 80 luxury, mid-rise apartments with 9,100 square feet of ground-floor retail space and 28,000 square feet of land.

The fully-leased apartment community is home to three retail outlets.  GenuWine is a self-serve wine bar with a wide selection of wines, as well as a variety of cheeseboards and locally brewed beer.  Fatty Daddy’s ice cream provides customers with local, handcrafted pastries and desserts, free from preservatives, GMOs and artificial colors.  Finally, there are multiple letter of intent for the remain restaurant space that will provide the full-service restaurant experience for the tenants living at Union and the general public.

OZ-UNION, LLC (Origin Investments) purchased the property from Metrowest Development of Phoenix.  Cindy Cooke, Brad Cooke, Matt Roach and Chris Roach of Colliers International in Arizona represented Metrowest in the marketing and sale of Union @ Roosevelt. 

“We were very excited to work on such an intricate deal that will continue to shape the culture of downtown Phoenix,” says Brad Cooke, senior vice president of Colliers International in Arizona.   “The sellers were very intent on selecting the right buyer that saw the correct vision for Phase II, which will be approximately 120 units bringing the total unit count to 200 units.  That is exactly what was accomplished with Origin Investments.”

“Our team was very creative by proposing a structure to place opportunity fund capital into an existing class A multifamily site,” said Matt Roach, associate vice president with Colliers International in Arizona.  “Union at Roosevelt is one of the select properties in Phoenix with a GPLET (tax abatement.) It was important that the right buyer comprehend the current value from unrealized savings.”

Constructed in 2017, Union @ Roosevelt is situated in a highly desirable location at Roosevelt Street and 1st Avenue, 300-feet from a Metro Valley Light Rail station.  The community is within walking distance of an abundance of trendy restaurants, art galleries, coffee shops and entertainment venues.  The walkable Roosevelt Row Arts District has been nationally recognized for its arts and cultural events. Union @ Roosevelt sits within a top employment area consisting of 120,000 jobs.  The property features a noteworthy 91 Walk Score and 84 Bike Score. 

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