CBRE has completed the $3.625 million sale of Courtside, a 44-unit apartment community, located at 220 South Sixth St. in Cottonwood, Arizona.
Brian Smuckler and Jeff Seaman with CBRE Phoenix Multifamily Investment Properties, and Jeff Kunitz and Johnathan Smith with CBRE Affordable Housing, based in Seattle, represented both the buyer and seller. The buyer, Courtside Partners, LLC, is a local investor who obtained new financing. The seller is Courtside Housing Associates, a Washington-based limited partnership.
“Courtside offered investors a well-maintained market rate multifamily property located in a desirable terteriary market,” said CBRE’s Smuckler. “Parterning with CBRE Affordable Housing, we were able to better position the asset with access to a larger investor pool ultjmately selling for over the asking price.
Built in 1998, Courtside features two- and three-bedroom floor plans averaging 950 square feet. Each unit is individually metered for electricity with vaulted ceilings, patios/balconies and washer and dryer connections. Community amenities include laundry facilities, a playground, pet play area and picnic areas with barbecues. The site is also within minutes to downtown Cottonwood and busy State Route 89A.
CBRE Affordable Housing is a specialty group within CBRE Group, Inc. that combines investment sales, debt and structured finance, and investment banking into a fully integrated service offering for clients in the affordable housing industry. They have closed over $14.6 billion dollars in sales and financing since 2001 and have conducted transactions in all 50 states and Puerto Rico.
