Zazu Apartment Homes at 1502 E. Osborn Rd. in Central Phoenix has been sold to a Los Angeles-based investor for $43,750,000. 

Toronto-based Emma Capital sold the property to Tides Equities of Los Angeles.  Chris Roach of Colliers in Arizona represented the seller in the transaction.  The buyer, which is a privae capital provider with institutional background, was self-represented. 

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“The buyer was attracted to this asset because of its strong occupancy and opportunity to modernize the property finishes and appearance,” said Roach. 

Zazu Apartments offers studio, one- and two-bedroom floor plans averaging 791 square feet in size.  It sits in a dynamic location surrounded by strong employers, freeway access and proximity to Downtown Phoenix.  The community contains 185 apartment units situated on 7.13 acres.  Kitchens are equipped with stainless-steel appliances and granite countertops in select units.  Community amenities include a relaxing, beach-inspired pool, poolside lounge, media room, fitness center, mini-golf area, and laundry facilities.  The units were 99 percent leased at the time of the sale.