Cooper, Cardinal and Company LLC, a boutique multifamily investment brokerage firm with headquarters in Phoenix, closed the transaction for Casablanca Paso Apartments, a 21-unit turn-key multifamily community located in Phoenix on Monday. The sale price of $750,000 equates to $35,714 per unit or $57.47 per square foot.
Jack A. Cardinal, a managing director of the firm, and Jennifer Runyon, an investment associate, represented the seller in the transaction. “The sellers did a great job of updating the interiors of all 21 units, this allowed their team to achieve economically sustainable rents.” stated Cardinal.
The 13,050-square foot apartment community was built in 1985 on a 0.46-acre lot.
“Witnessing an investor make marked improvements and successfully turn around Casablanca Paso is another positive indicator of the strong Phoenix multifamily market,” said Runyon. “As importantly, it shows what can be accomplished when ownership, management, and leasing roll up their sleeves and executes as a team.”
